Expenditures by Oil & Gas Companies in the US


To determine the estimated amount spent by oil & gas companies on domestic drilling in the US, including the Gulf of Mexico, from 2021 to 2023. An ideal response would be a table showing estimated expenditures per year.

Early Findings

  • Initial research located no estimates on domestic oil & gas production expenditures in the coming years published since the outbreak of the pandemic; while estimates published in 2019 or before may be available, we did not locate them in our initial round of research and do not believe that they would be accurate if found.
  • The top ten domestic drillers in the US are Chevron, ExxonMobil, EOG Resources, ConocoPhillips, Anadarko Petroleum, Occidental Petroleum, Pioneer Natural Resources, Devon Energy, Marathon Oil, and Hess.
  • Chevron's global capital and exploratory expenditures in 2019 totaled $21 billion and operating expenses totaled $26 billion.
    • The annual report does not separate capital expenditures (e.g., involved in M&A activities) from exploratory.
    • The annual report also does not provide expenditure breakdowns for domestic vs. overseas production, though it does provide liquid and gas production figures and upstream and downstream segmentation from which a loose triangulation might be derived.
    • ExxonMobil's annual report is similarly limited and we suspect that those of the other players may be as well.
  • On December 10, 2019, Chevron had announced plans to expand its capital and exploratory spending by $20 billion worldwide. This was cut by $4 billion on March 24, 2020.
  • The major players all face substantial losses as global oil demand dropped by ~30 million bpd in April due to the pandemic.
  • Op-eds on the future of domestic oil production range from optimistic that it will bounce back quickly to "optimistic" that the damaged caused will push the industry into irrelevance and open the doors for green energy sources.

Research proposal:

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