After two years of seeing spending contract, the oil industry is poised to boost capex in 2017, but some warn that may not be enough to keep a shortfall from occurring in the future.
U.S. independent shale companies are starting to step up their spending plans, eyeing a swift return to the shale patch as oil prices rise. Many have revised their capex upward, added rigs, and hedged production forward.
Even as renewables are playing a larger and ever-expanding role in global electricity markets, oil still dominates the transportation sector and will continue to do so for some time, making today's upstream spending cuts worrisome.
At the Independent Petroleum Association of America's investment symposium, a small number of well-positioned companies are explain how they have survived the price downturn, and express significant optimism for what's to come.