Global capex growth to moderate
Worldwide E&P spending is set to increase in 2023, albeit at a slower pace than last year, Evercore predicts
Building on robust growth in 2022, Evercore projects North American E&P spending will increase by 17.7pc in 2023 to within 7pc of pre-Covid levels. The US should lead again, with spending up 19.1pc in 2023, while Canada moderates at 10.5pc (see Fig. 1). Independents and private operators have an outsized role in North America, accounting for more than 70pc of regional capex. While privates were faster to increase capex post-Covid, the publicly traded independents shored up their balance sheets and prioritised returning cash to shareholders. We believe this trend could be reversing, with privates becoming more fiscally minded, as service cost inflation begins to rise. Privates make up abo
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