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

A total of 103 companies have disclosed their 2025 capital budgets. Our tally has upstream investment at US$289 billion or 2.2% less than in 2024. When it comes to output, targets are up. Combined, the 101 companies that have announced 2025 production guidance expect to produce 2.3 million boe/d (4.3%) more than they did in 2024.

Table of contents

  • CSAS Guidance Tracker (GT) tool is live
    • 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:

  • 2025 vs 2024: change in production guidance by peer group
  • 2025 vs 2024: upstream capital budget evolution 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 1.28 MB