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Hazloc Heaters
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy


Raymond James Expects Global Oil, Gas Upstream Capex Spending to Rise 3% in 2024


These translations are done via Google Translate

** Says global spending in 2024 would mark a fourth consecutive increase, albeit the slowest one – there is, however, a cumulative drop of 33% from the peak level of 2013.

** “This points to the fact that capital discipline is emphatically here to stay, irrespective of how high oil prices may get” – Raymond James.

** “Also, here to stay is the industry’s adaptation to ESG investor pressure, as exemplified by net zero targets and rising emphasis on renewable and clean tech efforts”

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** In the U.S., however, after a 27% increase in 2023, spending is set to fall 7% in 2024.

** After capex falling for three consecutive years, U.S. E&Ps finally increased spending in 2022 by 40%, followed by a 27% increase in 2023.

** Brokerage estimates a 2024 cash flow reinvestment rate of 59%, vs. amount in the pre-COVID era where spending averaged 120% of cash flow during 2010-2019.

(Reporting by Seher Dareen in Bengaluru)



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