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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: Jacob Snyder8/26/2021 9:50:46 PM
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Looking at the top 21 independent E&Ps, headlined by ConocoPhillips ( COP), which bought Concho Resources ( CXO), there has been consolidation across the board, yet even with this consolidation, 2021 capital expenditures are expected to total $30.7 billion for the group collectively. This is down from the already substantially reduced $31.1 billion of 2020 capital expenditures. Again, this understates the level of disciplined capital spending as the 2021 cap-ex incorporates all the merged entities.

Bottom line, restrained capital spending is leading to restrained oil production, which is going to lead to higher oil prices.



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