Corporate License
Multiple users, all company locations. Available for immediate digital download upon purchase. 

The Drilling and Production Outlook (DPO) reviews and forecasts worldwide drilling and completion activity, and is updated each quarter (March, June, September, December).

The outlook for activity in the US and Canada is improving as rising oil and gas prices and improved operator cash flow are driving increased drilling, completion and production activity even as operators remain focused on maintaining capital discipline and maximizing operational efficiencies. Outside of North America, multinational oil companies are expected to focus their reduced E&P budgets on low-cost, short-cycle, low GHG emission projects as energy transition efforts gain momentum. At the same time, national oil companies appear increasingly poised to accelerate their field development efforts under a “use it or lose it” mindset arising from forecasts of a long-term decline in oil demand due to climate change initiatives. 

The DPO is used by leading oilfield equipment and service companies worldwide as an important planning tool for future sales, marketing and manufacturing efforts. Subscribers are invited to attend (in person or remote) the quarterly conferences held in conjunction with each updated report which discuss the status of the industry and the latest changes to the Outlook. Those not attending the conference in person receive the report electronically.

The DPO includes a review and five-year forecast of drilling and production activity through 2028 for over 50 countries around the world. It also features technology developments and sensitivities and key drivers to watch in the near term.  Key Elements include:

• Oil markets- demand, supply, and price

• Gas markets- demand, supply, and price

• Average active rig count (land and offshore)

• New wells drilled (land and offshore)

• Footage drilled (land and offshore)

• Drilling and Completion expenditures (land and offshore)

• Frac job starts (US only)

• Well spuds (US only)

The DPO is a subscription service.  The annual fee for the four quarterly reports is US$3750 for a single license or US$6000 for a corporate license.  There is also an additional registration fee for each company representative that attends (in person) the quarterly conference.

Report Preview

Weak natural gas prices, operators’ continued prioritization of profitability over volume growth, and reorganizations resulting from the mergers/acquisitions of the past 18 months are expected to combine for a sluggish US drilling and completion market in 2024.

On a year-to-year basis we project that US drilling activity will slide 9% in 2024; however, on an exit-to-exit basis overall rig activity is projected to rise 2% over the course of 2024. Oil rig count is projected to increase 4% from exit-to-exit, while gas rig count is projected to decline 5% from Q4 2023 to Q4 2024, reflecting the relative strength/weakness in the price of the underlying commodity.

Improved pipeline takeaway capacity out of Western Canada is expected to drive increased investment in Canada’s oil and gas sector over the next few years.

Outside of North America, drilling activity is expected to increase 6% this year as multinational oil companies ramp up offshore exploration and development and national oil companies work to maintain their oil production capacity.