Cautious US majors curb annual spend
Recovering oil prices will not be enough to convince producers to stump up additional cash, but investors may still benefit from a substantial dividend pay-out
Market volatility is set to continue to constrain annual capex spend among US majors and ‘superindies’, even as the rollout of Covid-19 vaccines boosts oil prices and the prospect of a return to normal economic activity. Operators in the US shale patch were particularly burned by the economic downturn last year, and the largest US firms remain wary about overextending themselves. In 2020, the trio of ExxonMobil, Chevron and ConocoPhillips posted a colossal combined $30.2bn loss as oil prices plunged and energy demand vanished. ExxonMobil recorded the biggest loss and is again cutting capex. The major suffered a $22bn loss in 2020 and was forced to slice $10bn from its 2019 capex budget, a 32
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
