Cautious US majors curb annual spend

摘要

Market volatility is set to continue to constrain annual capex spend among US majors and superin-dies', even as the rollout of Covid-19 vaccines boosts oil prices and the prospect of a return to normal economic activity. Operators in the US shale patch were particularly burned by the economic downturn last year, and the largest US firms remain wary about overextending themselves. In 2020, the trio of ExxonMobil, Chevron and ConocoPhillips posted a colossal combined $30.2bn loss as oil prices plunged and energy demand vanished.