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Capital Expenditure (CAPEX)

Total CAPEX

In EUR mn

Total CAPEX (bar chart)

The increase in Exploration & Production was mainly related to investments in Norway, New Zealand and Malaysia.
The increase in Refining & Marketing CAPEX was driven by investments in the European refineries and retail stations.

Chemicals & Materials CAPEX decreased as capital expenditure in 2020 was mainly related to the acquisition of an additional 39% stake in Borealis, yet, besides the effect from the Borealis acquisition, Chemicals & Materials CAPEX have been higher, mainly driven by the investments into the PDH plant in Kallo.

The reconciliation of total capital expenditure to the investments as shown in the cash flow statement is depicted in the following table:

Capital expenditure1

In EUR mn

 

 

 

 

2021

2020

Total capital expenditure

2,691

6,048

(56)%

+/– Changes in the consolidated Group and other adjustments

(33)

(3,954)

99%

– Investments in financial assets

(33)

(156)

79%

Additions according to statement of non-current assets (intangible and tangible assets)

2,624

1,938

35%

+/– Non-cash changes

(127)

21

n.m.

Cash outflow from investments in intangible assets and property, plant and equipment

2,497

1,960

27%

+ Cash outflow from investments, loans and other financial assets

382

194

97%

+ Acquisitions of subsidiaries and businesses net of cash acquired

3,880

n.m.

Investments as shown in the cash flow statement

2,879

6,034

(52)%

1

Includes expenditures for acquisitions as well as equity-accounted investments and other interests; adjusted for capitalized decommissioning costs, exploration wells that have not found proved reserves, borrowing costs and other additions that by definition are not considered capital expenditure

CAPEX
Capital Expenditure