BP p.l.cBP-A
Mentioned
Impact on assets 6
Energy Transition & Power Demand
Energy
Chevron CorpCVX
Mentioned
TotalEnergies SETTE
Mentioned
Big Oil Lifts Output to Record High Despite 49% Capex Cut
3▲0 ▼0Impact / 5
Capital expenditure by the United States' 30 largest publicly traded exploration and production companies fell 49% year over year in 2025, yet oil production by the group hit an all-time high and revenue rose 7%, according to EY. The 30 companies represent roughly 43% of total U.S. oil and gas production. Exploration spending fell 11% to $4.8 billion, a mere 3% of total capital expenditures across the group, while money spent on acquisitions dropped 70% as the previous consolidation wave lost steam. Exxon Mobil, Chevron, British Petroleum, Shell and TotalEnergies have collectively spent more than $100 billion annually on dividends and buybacks over the past five years, nearly 80% of their earnings. EY also reported that Big Oil's oil reserve additions from discoveries and extensions declined 11% year over year, failing to fully replace production volumes for the first time in five years, even as natural gas reserves increased 14% and discoveries rose 21%.
Chevron CorpTotalEnergies SE