Higher energy prices lead global majors to up spending

摘要

Increased energy prices this year have led global energy majors to increase capex this year compared to 2017 levels. According to Rystad Energy, global energy majors are on track to approve over $37B in projects during 2018, with over 30% ($12B) of these projects approved in 2Q. ConocoPhillips (COP) has said it is upping its 2018 capex from an initial target of $5.5B to $6.0B, with the company noting the additional spending is earmarked for well completions, work with production partners, and inflation. COP said this uptick in spending has also led it to raise its 2018 production forecast from 1.20-1.24MM boe/d to 1.23-1.26MM boe/d.