Oil companies: low-carbon and total capex 2023

TotalEnergies is the oil supermajor with the greatest spending on low carbon sources. In its 2023 financial year, the French company spent 5.88 billion U.S. dollars in capital expenditure on renewables and other low carbon sources, out of a total spend of 16.8 billion U.S. dollars. By comparison, ExxonMobil only spent 0.62 billion out of 26.33 billion U.S. dollars. Saudi Aramco did not specify spending on low carbon sources at all, although it indicated production and shipment of blue ammonia in addition to becoming a shareholder in solar projects.

Total and low-carbon capital expenditure of largest oil and gas companies worldwide in 2023 (in billion U.S. dollars)

Characteristic	Total	Low-carbon sources
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Release date

February 2024

More information

Region

Worldwide

Survey time period

2023

Supplementary notes

Statistic assembled from multiple reports as follows:

BP: 2Q2023 Financial results, page 22 and 4Q2023 Financial results, page 10 & 18 - annual figure for low-carbon calculated from quarterly figures.
Chevron: 2023 - 10-k form, page 48 - lower-carbon projects as included in upstream and downstream business segment.
ExxonMobil: 2023 - 10-k form, page 68 - figure reported as "other" and explained to reflect low-carbon sources primarily. Total includes capital and exploration expenditures.
Saudi Aramco: FY2023 full financials, page 16 - capex distribution not further specified.
Shell: Q4 2023 Quarterly and full year results, page 1 & 10 - low-carbon figure reflects "renewables and energy solutions" business segment.
TotalEnergies: Results 4Q2023, page 1 - absolute low-carbon figure calculated using percentage reported by source.