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Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

2026 Budget Season Wrap: Industry Capex Totals

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

Natural gas processing facility and pipeline, LNG export terminal

Natural Gas: 2025 Review and 2026 Setup

Natural gas producers entered 2025 with cautious optimism. They are exiting it with something approaching genuine optimism — a change in tone that reflects real fundamental improvement, not just seasonal weather effects. Here is what happened and where things stand heading into 2026. The 2025 Review: From Pain to Recovery Henry

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

Best and Worst Operators of 2025

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

2025 A&D Year in Review: Deals That Defined the Year

The 2024 M&A supercycle — anchored by ExxonMobil's $60 billion Pioneer acquisition and ConocoPhillips' $22.5 billion Marathon Oil deal — left the 2025 A&D market with a high watermark to match. It did not. But the year was far from quiet, and the deals

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

OPEC+ Year-End Meeting: 2026 Production Policy

OPEC+ wrapped up its year-end policy meeting in early December with an outcome that surprised very few people who have been paying attention: another extension of existing voluntary cuts, a delay in unwinding the production restraints that have been in place since late 2023, and language vague enough to provide

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

2026 Outlook: Our Annual Forecast Issue

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

Thanksgiving Energy Check: Demand, Prices, Inventory

Thanksgiving week is one of the most reliable demand signals in the U.S. energy calendar. Here's where things stand on crude, products, and natural gas.