Change in upstream oil and gas investment by company type, 2017-2024

Sources

IEA calculations based on S&P, Bloomberg LP, Rystad and annual reports. Includes reported capital expenditure and 2024 guidance for 73 companies accounting for about 70% of global production.

Notes

2024 values are estimated. Majors include bp, Chevron, ConocoPhillips, ENI, ExxonMobil, Shell and TotalEnergies.