U.S. oil and gas producers are likely to reduce their capital spending this year by around 8% as they remain “extremely disciplined, yes, really,” based on a global survey by Raymond James & Associates Inc.

capital spend

Analysts Pavel Molchanov, John Freeman and Graham Price compiled the 2021 projections in the firm’s eighth annual capital expenditure (capex) survey. The 50 publicly traded global exploration and production (E&P) companies sampled provide context about the overall health of the industry and ultimately, the outlook for medium-term oil and gas supply.

Capex plans have been on a roller coaster for the past few years. This year appears to be no different, analysts said.

“Aggregate capital spending for our global 50-company survey peaked in 2013 at $600 billion,” the...