2021 guidance: upstream companies' capital budgets and production targets
A total of 127 companies have revised their 2021 capital budgets. Our tally has upstream investment at US$243 billion or 8.1% more than in 2020. When it comes to output, E&Ps remain flat relative to 2020. Combined, the 116 companies that have announced 2021 production guidance expect to produce 10 kboe/d (0%) more than they did in 2020. We are also expanding coverage of capital budgets beyond upstream. Companies that disclose multi-year, multi-segment investment outlooks include BHP, BP, Chevron, Ecopetrol, Eni, Equinor, ExxonMobil, Petrobras, PTTEP, Shell, Total, and a few more.