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2021 guidance: upstream companies' capital budgets and production targets

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29 March 2021

2021 guidance: upstream companies' capital budgets and production targets

Report summary

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.

Table of contents

Tables and charts

This report includes 5 images and tables including:

  • 2021 vs 2020 vs 2019: upstream capital budget evolution by peer group
  • 2021 vs 2020 vs 2019: change in upstream capital budgets by peer group
  • 2021 vs 2020: change in total capital budget outlook by segment
  • 2021 vs 2020: change in production guidance by peer group
  • Exchange rate assumptions (local currency unit per US$)

What's included

This report contains:

  • Document

    2021 guidance: upstream companies' capital budgets and production targets

    PDF 1.23 MB

  • Document

    2021 Guidance 29 Mar 2021

    XLSM 792.77 KB