Oil companies’ capital expenditures are up over 60% since 2020

Annual spending on exploration and well development by the six oil companies that spent the most in 2024

Change

since

2020

$2.0bn

Saudi Aramco

+63%

PetroChina

+16%

1.5bn

ExxonMobil

+133%

1.0bn

Kuwait Petroleum

+135%

Chevron

+58%

ConocoPhillips

+84%

500m

0

2014

2020

2024

Change

since

2020

$2.0bn

Saudi Aramco

+63%

PetroChina

+16%

1.5bn

ExxonMobil

+133%

1.0bn

Kuwait Petroleum

+135%

Chevron

+58%

ConocoPhillips

+84%

500m

0

2014

2020

2024

Change

since

2020

$2.0bn

Saudi Aramco

+63%

PetroChina

+16%

1.5bn

ExxonMobil

+133%

1.0bn

Kuwait Petroleum

+135%

Chevron

+58%

ConocoPhillips

+84%

500m

0

2014

2020

2024

Change

since

2020

$2.0bn

Saudi Aramco

+63%

PetroChina

+16%

1.5bn

ExxonMobil

+133%

1.0bn

Kuwait Petroleum

+135%

Chevron

+58%

ConocoPhillips

+84%

500m

0

2014

16

18

2020

22

24

Change

since

2020

$2.0bn

Saudi Aramco

+63%

PetroChina

+16%

1.5bn

ExxonMobil

+133%

1.0bn

Kuwait Petroleum

+135%

Chevron

+58%

ConocoPhillips

+84%

500m

0

2014

16

18

2020

22

24

Change

since

2020

$2.0bn

Saudi Aramco

+63%

PetroChina

+16%

1.5bn

ExxonMobil

+133%

1.0bn

Kuwait Petroleum

+135%

Chevron

+58%

ConocoPhillips

+84%

500m

0

2014

2016

2018

2020

2022

2024