The oil producers' budgets
What the largest producers spend on wells, platforms and LNG. Their budgets follow the oil price, usually set for the year between December and February, and a cut is the oilfield service companies' lost work. ConocoPhillips' capex includes its investments, as it reports it.
Oil & gas capex $71.2B, free cash flow $80.1B over the past 4 quarters
| Company | Latest quarter | Capex | Free cash flow | Capex / cash | Capex vs yr ago | FCF < 0 | Capex outlook |
|---|---|---|---|---|---|---|---|
| XOM ExxonMobil | Jun 30, 2026 | $6.5B | $17.0B | 28% | +4% | 0/4 | — |
| CVX Chevron | Jun 30, 2026 | $4.5B | $18.1B | 20% | +22% | 1/4 | — |
| COP ConocoPhillips | Jun 30, 2026 | $3.0B | $4.4B | 41% | -8% | 0/4 | 2026 $12–12B Aug 6 |
| OXY Occidental | Jun 30, 2026 | $1.6B | $2.7B | 37% | -20% | 1/4 | — |
| EOG EOG Resources | Jun 30, 2026 | $1.6B | $3.0B | 35% | -4% | 0/4 | 2026 $6–7B Aug 4 |
Capex is purchases of property and equipment as each company tags it in its SEC filings (XBRL); some companies' own free cash flow also subtracts finance-lease payments, so theirs can be lower. Each quarter as first reported; fiscal years differ (Microsoft's ends in June, Oracle's in May), so "latest quarter" is not the same calendar quarter for all. Outlooks are read by AI from earnings releases and 10-Q / 10-K filings; some companies give theirs only on the earnings call, which Wallsti does not read.