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 capital spending report.
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.
OGJ Premium Members can read the full Capital Spending Update from the Mar/Apr 2025 issue.
Conglin Xu | Managing Editor-Economics
Conglin Xu, Managing Editor-Economics, covers worldwide oil and gas market developments and macroeconomic factors, conducts analytical economic and financial research, generates estimates and forecasts, and compiles production and reserves statistics for Oil & Gas Journal. She joined OGJ in 2012 as Senior Economics Editor.
Xu holds a PhD in International Economics from the University of California at Santa Cruz. She was a Short-term Consultant at the World Bank and Summer Intern at the International Monetary Fund.