A new survey of oil and gas companies shows fewer firms are planning to increase their capital spending in 2014 — a trend that has now spanned two consecutive years. The survey, conducted by shipping and offshore classification society DNV GL, showed only 45% of all respondents are planning to increase capex in the year ahead. That number has fallen sharply since 2012, when 63% of respondents said they would spend more than the previous year. Last year, 50% of those surveyed said they would increase capex.
DNV GL stressed in its report on the findings that the firms boosting spending this year proportionally outweigh those that are tightening their purse strings. Additionally, many firms surveyed said they plan to make efforts to curb costs and get more out of their existing assets. Six in 10 said they would press suppliers to rein in costs and the same percentage said there is strong pressure to get more mileage out of their existing assets.