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.The latest DOB Energy guidance report covers announcements made November 17-28, 2025, including Journey and Surge.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.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.
