(Reuters) – U.S. and Canadian oil and gas companies are expecting to spend more in 2023, compared with the current year, as inflation drives up costs of everything from raw materials to labor.
Oil majors Exxon Mobil and Chevron also raised their capital allocation toward their lower carbon businesses.
Following is a list of companies and their budgets:
THE UNITED STATES
Company Market
Cap 2023 Budget 2022 Budget
Exxon Mobil Corp $426.83 billion $23 billion to $21 billion to
$25 billion $24 billion
Chevron Corp $333.59 billion $17 billion $15 billion
HF Sinclair Corp $10.27 billion $940 million to $740 million to
$1.15 billion $885 million
CANADA
Company 2023 2022 2023 2022
Market Cap Budget Budget Production Production
Forecast (boepd) Forecast (boped)
Canadian Natural C$89.01 C$5.2 billion C$4.92 billion 1.33 million to 1.296 million
Resources Ltd billion 1.374 million
($65.54
billion)
Suncor Energy Inc C$60.67 C$5.4 billion to C$4.9 billion to 740,000 to 740,000 to
billion C$5.8 billion C$5.2 billion 770,000 760,000
Cenovus Energy Inc C$38.85 C$4 billion to C$3.3 billion to 800,000 to 780,000 to
billion C$4.5 billion C$3.7 billion 840,000 810,000
($1 = 1.3580 Canadian dollars)
(Reporting by Ruhi Soni in Bengaluru; Editing by Anil D’Silva)
