As Demand Rises, Oil Firms Focus on Finding New Reserves, Expanding Production.

Publication: The Dallas Morning News (Dallas, Texas) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2004 The Dallas Morning News

Byline: Sudeep Reddy

Feb. 11--HOUSTON -- Oil prices have soared and demand has steadily been rising, sending strong signals for robust growth in the oil markets.

But the largest oil companies will face harder times ahead in finding new reserves and expanding their production, industry executives said Tuesday.

"Our industry is in a watershed period when companies are making long-term decisions that will affect their performance decades down the road," said James Mulva, president and chief executive of ConocoPhillips Co., speaking at the Cambridge Energy Research Associates conference.

CERA's annual gathering in Houston draws more than 1,400 executives to survey the global energy scene.

A year ago, companies were fighting a rough business environment and riding through a period of volatile oil prices...

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