Declining capital spending in 2025 is expected to carry over into 2026, with less drilling and completions activity and continued job losses, according to Enserva’s State of the Industry Report.

Upstream oil and gas capital spending is expected to decline 5.6 per cent by the end of 2025 and 2.2 per cent in 2026.

Access: To read DOB Energy’s full guidance report, click here to access it directly. You can also access Guidance Reports from the Insights tab located on the main navigation bar for the DOB Energy website.

The report provides 2026 forecasts for capital spending, drilling and production for companies headquartered in Canada and the U.S. The latest report focuses on updates announced Nov. 17-28, including for Journey Energy Inc. and Surge Energy Inc.

Data for the report is powered by Evaluate Energy.