A Wildcatter Pounces

…Instead of looking for new petroleum sources, the big oil companies now spend more money on strategic and financial maneuvers like acquisitions and share buybacks, according to analysts. Many have also bolstered dividend payments in order to please their shareholders. A decade ago, oil companies spent $2 on exploration for every $1 spent on acquisitions; today, it


But analysts warn that the industry should be expanding exploration, because much more energy will be needed in coming years. According to the International Energy Agency, the world will be consuming 115 million barrels of oil a day by 2030, up from 85 million today.