Our Take: Majors Move Capex on Margins

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TotalEnergies’ medium-term capex hike is the latest sign that the Western majors are plotting ways to proactively respond to rapidly evolving energy markets — while preserving wider capital discipline and strategic objectives. Delivery on low-carbon initiatives and shareholder returns remain must-haves. But energy security is reframing the conversation around oil and gas production this decade, strengthening the case for the “and” (fossil fuel + clean energy) strategies of these diversified majors.

Capital Spending, Majors
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