U.S. Energy Information Administration, based on Evaluate Energy Capital expenditure for 44 U.S. onshore-focused oil production companies increased $4.9 billion (72%) between the fourth quarter of 2016 and the fourth quarter of 2015 based on their public quarterly financial statements. This increase in investment spending was the largest year-over-year increase for any quarter by these 44 companies since at least the first quarter of 2012. Higher oil prices are contributing to an increase in upstream earnings for U.S. producers , prompting some companies to increase their investment budgets. Company announcements and increases in the number of active oil rigs suggest U.S. oil production companies are continuing investment growth in the first quarter of 2017. The U.S. active oil-directed rig count reached 662 on March 31, 2017, up from 525 at the end of 2016. Lower investment levels over the previous two years likely contributed to a reduction in […]