CDN NEWS | 
US NEWS 
Dec 20 (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.
U.S. companies Exxon Mobil, Chevron and Phillips 66 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 (XOM.N)
|
$433.09 billion
|
$23 billion to $25 billion read more
|
$21 billion to $24 billion
|
|
Chevron Corp (CVX.N)
|
$328.49 billion
|
$17 billion
|
$15 billion
|
|
HF Sinclair Corp (DINO.N)
|
$9.98 billion
|
$940 million to $1.15 billion read more
|
$740 million to $885 million
|
|
Phillips 66 (PSX.N)
|
$47.55 billion
|
$3.1 billion read more
|
$3.0 billion
|
CANADA
|
Company
|
Market Cap
|
2023 Budget
|
2022 Budget
|
2023 Production Forecast (boepd)
|
2022 Production Forecast (boped)
|
|
Canadian Natural Resources Ltd (CNQ.TO)
|
C$80.38 billion
|
C$5.2 billion
|
C$4.92 billion
|
1.33 million to 1.374 million
|
1.296 million
|
|
Suncor Energy Inc (SU.TO)
|
C$54.56 billion
|
C$5.4 billion to C$5.8 billion read more
|
C$4.9 billion to C$5.2 billion
|
740,000 to 770,000
|
740,000 to 760,000
|
|
Imperial Oil Ltd (IMO.TO)
|
C$38.54 billion
|
C$1.7 billion read more
|
C$1.4 billion
|
410,000 – 430,000
|
425,000 – 440,000
|
|
Cenovus Energy Inc (CVE.TO)
|
C$46.54 billion
|
C$4 billion to C$4.5 billion read more
|
C$3.3 billion to C$3.7 billion
|
800,000 to 840,000
|
780,000 to 810,000
|
($1 = 1.3616 Canadian dollars)
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