One of the brightest spots for BP in Q1 2025 came from its exploration success in the Gulf of America, BP announced a major new discovery in the region, contributing to what it described as its “best quarter for exploration in a very long time.”
There was a 36.5% increase in drilling activity in Q1 2025 compared to Q1 2024. This strong start suggests greater operator confidence, likely supported by more stable commodity prices and an uptick in investment plans for the year.
The rapid expansion of artificial intelligence, cloud computing, and digital infrastructure is fundamentally reshaping energy demand in the United States. Data centers — once a niche segment of electricity consumption — are now emerging as one of the largest drivers of new power needs nationwide.
ccording to the latest Baker Hughes report, the total number of active oil and gas rigs rose by two to 587, although overall rig activity remains below last year’s levels.
ExxonMobil has reached a major milestone: 1,000 horizontal wells drilled in the New Mexico portion of the Delaware Basin — just seven years after the first spud in 2017.
In North America, SLB reported $1.72 billion in revenue for the first quarter of 2025, an 8% year-over-year increase driven by strong digital sales, subsea production system sales, and booming data center infrastructure demand. However, this growth masked weakness in traditional drilling markets.
Phillips 66 Co. is charging ahead with its strategy to enhance midstream performance and integrated growth, announcing major new developments during its Q1 2025 earnings call on April 25.
Despite persistent market volatility and a softening U.S. drilling landscape, Precision Drilling Corporation (TSX:PD; NYSE:PDS) entered 2025 with steady financial performance, operational strength in Canada, and a continued focus on shareholder returns.
While the reduction trims full-year production guidance to 200,000 boe/d, down from 205,000 boe/d, the company emphasized flexibility—leaving the door open to reactivating the ninth rig later in the year if market conditions improve.
The 2024 production figures reveal a clear trend: Canadian operators continue to deliver strong results despite global market volatility and evolving regulatory landscapes. Companies like CNRL, Ovintiv, and Tourmaline are setting the pace, while a wave of mid-sized and emerging producers are gaining momentum with year-over-year growth.
