Investment Outlook
What does the investment outlook appear to be now that a moderate economic recovery has set in? To answer this question and assess the near-term outlook, we analyzed a sample consisting of 20 integrated majors that are either an IOC, NOC, a hybrid-capitalized oil company, or a mid-sized independent oil company. All companies were analyzed for capital expenditure programs between 2006 and 2010 as measured in U.S. dollars. These companies are representative of North American, South American, Western European, and Russian oil companies. Fiscal 2010 data is the last 12 months as of September 30, 2010 (LTM 2010).
The results were surprising. Capital expenditure programs of large-cap firms such as IOCs and NOCs, and mid-sized independents ...
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