Across all oil majors, an average of about 55% of the production profile consisted of liquids. It found Chevron to be the most liquids-focused player, at about 65% of its production profile. By contrast, liquids only accounted for about 45% of Shell's production. “Aggregate production is likely to continue growing, although the profiles differ by company,” says S&P. Looking ahead, the ratings firm projects a modest reversal in capital expenditure cuts, but efficiency improvements in the industry suggest spending won’t approach 2013 levels. Earlier this year, DNV, a technical advisor for the oil and gas industry, published findings from a survey conducted among senior oil and gas sector professionals, revealing that firms are expected to boost capital expenditure, operating expenses and research and development spending levels in 2018. Two-thirds of respondents said their company would maintain or increase capital spending this year, compared to 39% in 2017, according to the survey.