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2025 Forecast : Dangerous Time Ahead
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This is the time of year when we share a clear view into how we’re thinking about what to expect for drilling and completion activity in 2025. To do that, we rely on the same core set of indicators:
Internal surveys of our subscribers (E&P clients) and the Dallas Fed Energy Survey
Drilling permits
Already announced capital budgets and drilling plans
Prior-year A&D activity
Across the major basins, the Utica is the only area where we are seeing a meaningful increase in permit activity. Most other basins—including the Permian, Eagle Ford, Haynesville, Mid-Con, Powder River, and Bakken—remain largely flat. Historically, when activity is about to accelerate, permits are one of the earliest signals, and we’re not seeing broad-based strength outside the Utica.
At the same time…
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