In 2023, the operating performance of foreign oil companies declined slightly due to fluctuations in oil prices, but overall it remained at a relatively good historical level, with abundant cash flow and a positive performance in the capital market. The capital expenditure of major international oil companies continued to grow, and their willingness to invest and expand capital significantly increased. The operating strategies of the three major Chinese oil companies showed significant differences: PetroChina focused on improving quality and efficiency, transforming and developing, strictly controlling capital expenditure, and achieving a record high in operating efficiency; Sinopec maintained steady development, with both operating efficiency and capital expenditure increasing steadily; CNOOC continued to expand its scale, with a significant increase in capital expenditure.