Last year, the industry’s 50 largest publicly traded E&Ps posted their lowest combined revenue since 2016 at $110.8 billion, according to EY’s U.S. oil and gas reserves, production and ESG benchmarking study.

Additionally, the E&Ps reported a total capex of $60.3 billion in 2020, representing a 60% decrease from 2019. It was the lowest for the five-year study period compared to increases of 17%, 21% and 27% in 2019, 2018 and 2017, respectively.

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