US upstream Q3 earnings likely to focus on 2023 capex, E&P production levels

Highlights

• Slight E&P capex rises seen in 2023 to offset inflation
• Operators to continue capital discipline focus
• To continue flat to single-digit output growth

Third-quarter 2022 earnings for US oil and gas producers are likely to focus on E&Ps’ outlook for their capital budgets for both 2022 and 2023, and any change in drilling programs and production levels for either year, especially in light of the recent OPEC+ agreement to cut production from current output levels.

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