Stacked area chart showing cash spending distribution by the oil and gas industry between 2012 and 2022. In 2012, 90% of spending was on oil and gas capital expenditures but that share has declined over the past 10 years. In 2022, 48% of spending was on oil and gas capital expenditures, 1% was on low-carbon capital expenditures, 39% was on dividends and buybacks, and 13% on repaying net debt.