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AmeraTex Energy - U.S. oil and gas producers, including some in Tulsa, are spending billions to develop historic levels of new reserves despite a downturn in profits due to lower natural gas prices, according to a study released Tuesday by national accounting firm Ernst & Young's oil and gas division. click here The study showed how dozens of upstream energy companies handled capital expenditures and developed proved reserves. Among those included in the study were Tulsa-based WPX Energy Inc. and Laredo Petroleum Holdings Inc. visit us , as well as those that have a strong Tulsa presence, such as Apache Corp. and QEP Resources. website All those companies are working hard to offset the impact of low natural gas prices by increasing the oil mix in their drilling efforts. web url "We have grown reserves by investing in oil projects, primarily the Permian Basin" of west Texas, Laredo Chief Financial Officer Rick Buterbaugh said. check it out The Permian is where Laredo has taken its "expertise into proven areas for oil development and applied new techniques that enable us to efficiently extract oil from the shales."

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