2023 guidance: upstream companies' capital budgets and production targets
A total of 129 companies have revised their 2023 capital budgets. Our tally has upstream investment at US$329 billion or 10% more than in 2022. When it comes to output, targets are also up. Combined, the 116 companies that have announced 2023 production guidance expect to produce 845 kboe/d (1.5%) more than they did in 2022. We also expanded coverage of capital budgets beyond upstream. Companies that disclose multi-year, multi-segment investment outlooks will be added to the insight.