Oil and natural gas exploration and production companies including Continental Resources Inc and Plains Exploration and Production Co forecast higher spending for 2010 as they bank on higher hydrocarbon prices and increased drilling activity.

Benchmark U.S. crude oil prices CLc1 averaged $76 per barrel in the fourth quarter, up from the third quarter and from a year ago. Natural gas prices have also recovered from their lows, although heavy supplies and weak demand continue to drag.

Source: Reuters

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