President Trump’s inauguration has pushed a flurry of policy changes, including exhortations to the E&P industry to boost U.S. oil and gas output dramatically. However, in their year-end earnings calls, the major domestic producers struck a more cautious and calmer tone, sticking to the same themes they adopted to recover financial stability and win back investors after the pandemic. Total 2025 capital spending by the 37 major U.S. E&Ps we cover is forecast to drift slightly lower from 2024 levels as they continue to eschew growth in favor of maximizing cash flows and shareholder returns. In today’s RBN blog, we review 2025 investment plans by company and peer group, highlighting trends and reviewing their impact on production, and explain why any additional increases are likely to come from producers with significant gas assets. 

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