Only a few U.S.-based exploration and production (E&P) companies have provided formal capital spending plans for 2023, but expenditures overall are forecast to decelerate from a year ago.

E&P executives are surveyed twice a year by Evercore ISI to determine the level of capital expenditures (capex) and activity, which often are revised. Respondents indicated that global spending should continue to rise, up by 14% from 2022. However, it’s down from the 2022 growth rate, when capital spending jumped 20% overall from 2021. 

North America, however, is still seen with a solid gain in capex for 2023. “While we forecast growth to decelerate in both North America and internationally, North America’s impressive 18% end-of-year growth follows a near record 44% in 2022,” said...