Insight
2025 guidance: upstream companies' capital budgets and production targets
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
A total of 121 companies have disclosed their 2025 capital budgets. Our tally has upstream investment at US$336 billion or 2.5% less than in 2024. When it comes to output, targets are up. Combined, the 118 companies that have announced 2025 production guidance expect to produce 2.7 million boe/d (4.5%) more than they did in 2024.
Table of contents
- CSAS Guidance Tracker (GT) tool is live
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2025 vs 2024: upstream capital budgets
- March 25 to April 7
- March 11 to March 24
- February 25 to March 10
- February 11 to February 24
- January 25 to February 10
- January 11 to January 24
- Prior to January 11
- 2025 vs 2024: production guidance
Tables and charts
This report includes the following images and tables:
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2025 vs 2024: change in production guidance by peer group2025 vs 2024: upstream capital budget evolution by peer group2025 vs 2024: % change in upstream capital budgets by peer group
What's included
This report contains:
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