Market Focus: Insights from Oil & Gas Journal's latest capital spending survey

In this latest Market Focus episode of the Oil & Gas Journal ReEnterprised podcast, Conglin Xu, Managing Editor, Economics, dives into insights from the latest Oil & Gas Journal special report on capital spending. 

According to the OGJ annual capital spending survey, the combined capex of six major oil companies—ExxonMobil, Chevron, Shell, BP, Equinor, and TotalEnergies—is projected to be US$108-112 billion in 2025. This marks a decrease from $113.7 billion in 2024 and $114.7 billion in 2023 and remains significantly lower than the pre-pandemic level of $123 billion in 2019.

Notably, majors are scaling back on earlier aggressive investments in renewables. 

From shifting strategies among oil majors to merger and acquisition activity in the shale sector to new developments in the refining sector and the Canadian oil industry, there’s a lot to unpack.