Majors Outspend Capex Targets Amid Record Profits

...y of $100/B. But they were higher over the years to 2014. The big change since then has been that capital spending remains restrained. The five firms’ total 2022 outlay of $95.6bn was less than half 2013’s $195.5bn, meaning much plumper margins (see chart). All five firms, nevertheless, su...