(Reuters) – U.S. and Canadian oil and gas companies are expecting to spend more in 2023, compared with the current year, as inflation drives up costs of everything from raw materials to labor.

Oil majors Exxon Mobil and Chevron also raised their capital allocation toward their lower carbon businesses.

Following is a list of companies and their budgets:

THE UNITED STATES

Company Market

Cap 2023 Budget 2022 Budget

Exxon Mobil Corp $426.83 billion $23 billion to $21 billion to

$25 billion $24 billion

Chevron Corp $333.59 billion $17 billion $15 billion

HF Sinclair Corp $10.27 billion $940 million to $740 million to

$1.15 billion $885 million

CANADA

Company 2023 2022 2023 2022

Market Cap Budget Budget Production Production

Forecast (boepd) Forecast (boped)

Canadian Natural C$89.01 C$5.2 billion C$4.92 billion 1.33 million to 1.296 million

Resources Ltd billion 1.374 million

($65.54

billion)

Suncor Energy Inc C$60.67 C$5.4 billion to C$4.9 billion to 740,000 to 740,000 to

billion C$5.8 billion C$5.2 billion 770,000 760,000

Cenovus Energy Inc C$38.85 C$4 billion to C$3.3 billion to 800,000 to 780,000 to

billion C$4.5 billion C$3.7 billion 840,000 810,000

($1 = 1.3580 Canadian dollars)

(Reporting by Ruhi Soni in Bengaluru; Editing by Anil D’Silva)

---