Oil and gas industry spending, production and revenue grew in 2014 despite the oil price downturn seen late last year. But industry will feel more of the impact of that downturn in 2015. Lower oil prices seen late last year did not thwart growth in the oil and gas industry’s capital expenditures (CAPEX), revenues and reserves for 2014, and are comparable to growth levels seen in 2013, according to the results EY’s eighth annual US oil and gas reserves study. The study results came from analysis of the Top 50 public U.S. oil and gas companies’ supplement reserve disclosures and annual financial statements. The study of all 50 companies found that all categories of CAPEX spending rose to $200.2 billion in 2014 from $173.1 billion in 2013, an increase of 16 percent. Proved and unproven property acquisition costs accounted for a large portion for this growth — each rose […]