2016 was yet another tumultuous year for the upstream oil and gas industry. WTI prices hovered near $45/bbl in H2 after bottoming out at $26/bbl in February, and benefited from an end-of-year boost above $50/bbl following a positive OPEC agreement in November. Most E&P operators managed to stay in the game through enhanced completion designs and drilling efficiency gains, rendering new drilling profitable. Rig counts have risen sharply since reaching a trough in May, with most new rigs drilling in the Permian. This Insight is our US Upstream Research team's set of predictions for 2017, presented graphically and primarily focused on the US upstream industry, but including thoughts on cost inflation, onshore and offshore drilling, unconventional supply, productivity gains and more.