Executives said during a recent Dallas Federal Reserve Energy Survey conducted December 7-15 that oil and gas companies plan to increase their D& budgets Acute; capital expenditure in 2023 due to rising crude oil prices.

In the survey, the majority of executives said their businesses would increase capital spending this year compared to 2022. 39% of top executives at 148 oil and gas companies surveyed have d& stated that the amount of capital expenditure would increase slightly. Only 22% said spending in 2023 would reflect 2022 levels, while 25% estimated a significant increase.

In contrast, 14% of executives said their company planned to cut expenses in 2023. Indeed, the rebound in crude oil prices occurred after Russia invaded Ukraine. Moscow's plan was to cut its crude oil production due to the price caps imposed by the G7 countries on its exports and the OPEC+ countries maintaining their production cuts. The higher price of crude oil was one of the factors used to determine this year's 2023 capital spending budget.