Global spending on oil and gas exploration and production should rise 5.5% to $645B in 2013,...

Global spending on oil and gas exploration and production should rise 5.5% to $645B in 2013, Dahlman Rose's James Crandell calculates, based on an average 2013 oil price of $89.94/bbl. and natural gas at $3.43/Mbtu. Supermajors are projected to spend 9% more Y/Y; Chevron (NYSE:CVX) should spend $23.4B, up 24%, vs. a 1% decline to $21.8B by Exxon (NYSE:XOM) and an 8% jump at Total (NYSE:TOT) to $19B.