E&P capital expenditure – what is the outlook for 2021?

Westwood’s analysis of 3 E&P peer groups – the five Supermajors, four selected National Oil Companies (“NOCs”) and 17 selected US Shale producers, suggests that 2021 capital expenditures are likely to remain relatively flat or decrease slightly compared to 2020, at a US$50/bbl Brent (US$45/bbl WTI) oil price assumption.