This in-depth analysis explores how further cuts to 2025 Capex in Q2 25 earnings, the fall in the US oil rig count, rising gas-oil ratios in the Permian and increased hedging q/q will result in slower but continued Permian gas growth through 2026.
Sept. 25, 2025
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Our latest report covers key developments in the North American gas market:
How ongoing declines in upstream crude activity are impacting supply.
Further 2025 Capex cuts and a lower US oil rig count are slowing Permian gas production growth through 2026.
Rising gas to oil ratios and increased hedging are shaping the outlook.
Oil-focused E&Ps are adapting to new market conditions.
Continued midstream investment is influencing future trends.
