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CapEx down a bit in 2016

Capital expenditure among the 1,000 largest companies took a step back last year on an average basis, declining $74 million from 2015. The decline built on the $11 million average decline in 2015 after four years of spending growth ending in 2014.

In dollar terms, Chevron, Exxon Mobil and AT&T have been at the top of the list for several years, averaging less than $30 billion per year among them, and while still the top spenders, they averaged about $20.6 billion in 2016. As a percent of market cap, the three spent about 8% of their total market cap, much lower than most of their large-cap peers.