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Insight

2023 guidance: upstream companies' capital budgets and production targets

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20 March 2023

2023 guidance: upstream companies' capital budgets and production targets

Report summary

A total of 124 companies have revised their 2023 capital budgets. Our tally has upstream investment at US$287 billion or 14% more than in 2022. When it comes to output, targets are also up. Combined, the 109 companies that have announced 2023 production guidance expect to produce 730 kboe/d (1.5%) more than they did in 2022. We will also be expanding coverage of capital budgets beyond upstream. Companies that disclose multi-year, multi-segment investment outlooks will be added to the insight.

Table of contents

Tables and charts

This report includes 4 images and tables including:

  • 2023 vs 2022: upstream capital budget evolution by peer group
  • 2023 vs 2022: % change in upstream capital budgets by peer group
  • 2023 vs 2022: change in production guidance by peer group
  • Exchange rate assumptions (local currency unit per US$)

What's included

This report contains:

  • Document

    2023 guidance: upstream companies' capital budgets and production targets

    PDF 1.10 MB

  • Document

    2023 Guidance 17 Mar 2023.xlsm

    XLSM 1.78 MB