Best and Worst Operators of 2025

Twelve months. Eight articles a month from CIR. Dozens of stories tracked, hundreds of data points analyzed. Here are the ten upstream stories that actually mattered in 2025 — the ones that will shape what comes next. 1. The Post-Merger Integration Test 2024 was the year of the megadeal. 2025 was

The 2026 capital budget cycle has largely completed, with most major E&P operators releasing preliminary budgets at their analyst days and investor conferences through November and December. The headline number: the U.S. upstream industry is set to spend approximately $130–$140 billion on exploration and development in