Barclays anticipates an increase in onshore upstream spending. Barclays’ updated survey of the top 40 U.S. onshore producers indicates preliminary upstream budgets are on track to increase by 9 percent in 2018. A healthy chunk of this investment is aimed at the Permian basin (19 percent), vs. relatively flat spending plans in other oil basins. Activity in the Permian has been buzzing for months, with several operators announcing plans for a more pronounced footprint there either through asset development or acquisitions . The spending increases assume the price of oil stays ~$50/bbl, which could leave some healthy wiggle room for additional spend if the West Texas Intermediate [WTI] price stays higher, according to the firm. “WTI has been solidly above $60/bbl since January, yet several factors stand in the way of increased spending,” Barclays stated in an April 11 research note. “First, the potential for the recent ~$6 blowout […]