Insight

2025 guidance: upstream companies' capital budgets and production targets

Get this report*

$1,350

You can pay by card or invoice

For details on how your data is used and stored, see our Privacy Notice.
 

- FAQs about online orders
- Find out more about subscriptions

*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

A total of 66 companies have disclosed their 2025 capital budgets. Our tally has upstream investment at US$191 billion or 3.1% less than in 2024. When it comes to output, targets are up. Combined, the 70 companies that have announced 2025 production guidance expect to produce 1.6 million boe/d (3.6%) more than they did in 2024.

Table of contents

Tables and charts

This report includes the following images and tables:

  • 2025 vs 2024: upstream capital budget evolution by peer group
  • 2025 vs 2024: change in production guidance by peer group
  • 2025 vs 2024: % change in upstream capital budgets by peer group

What's included

This report contains:

  • Document

    2025 guidance: upstream companies' capital budgets and production targets

    PDF 1.25 MB

  • Document

    2025 Guidance 17 February 2025.xlsx

    XLSX 1.79 MB