Every story we've covered involving capital-expenditure.
Major oil and gas firms have shifted toward higher shareholder returns and lower expansion spending since the 2020 price crash, collectively returning over $100 billion a year in dividends and buybacks—about 80% of earnings. Despite a near 50% drop in U.S. upstream capex among the 30 largest public E&P firms in 2025 and sharply reduced acquisition activity, the group recorded record oil production in 2025 while revenue rose 7%.
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