U.S. oil and gas producers continue to ignore political pressures to “drill, baby, drill,” sticking rigidly to capital discipline and trimming their drilling-and-completion activity. But that hasn’t kept production from inching up as E&Ps continue to increase their productivity. In today’s RBN blog, we’ll review recent adjustments to producers’ capital budgets and the data we have so far on their 2026 spending plans.
To truly understand Cushing — what it does and how it works — you need to know the hub’s assets and how they fit together. RBN’s Cushing Crude Oil Playbook provides the first one-stop, comprehensive guide to the hub’s assets.
The revised 2025 capital spending guidance for the 38 E&Ps we monitor increased to $60.4 billion (solid blue bar labeled Q3 2025E and left axis in Figure 1 below), up about $400 million from Q2 2025 guidance, but that still leaves capital outlays about 3% below their 2024 level. Two-thirds of the Q3 increase was from the Diversified E&P peer group, but the year-over-year decline for the group remains at 6%. Spending in 2025 so far by the Oil-Weighted E&Ps is 2% lower than 2024, while the Gas-Weighted E&Ps are expected to increase their investment by 1%.
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About the song
“Stand By Me” was written by Ben E. King, Jerry Leiber and Mike Stoller. It appears as the first song on side two of Ben E. King’s third studio album, Don’t Play That Song! King was inspired to write the song by the old classic gospel song of the same title. He pitched the song to his old group, The Drifters, but they passed on it, so he recorded it himself. Leiber and Stoller, the song’s co-writers, produced the record in October 1960. Released as a single in May 1961, it went to #1 on the Billboard Hot R&B and #4 on the Billboard Hot 100 Singles charts. The song was the featured title song for the 1986 hit motion picture of the same name and has been covered by artists such as Otis Redding, John Lennon, Tracy Chapman, and Florence and the Machine. Personnel on the record were: Ben E. King (lead vocals), Ernie Hayes (piano), Lloyd Trotman (bass), King Curtis, Romeo Penque (saxophones), Al Ciola, Charles McCraken (guitars), Gary Chester (drums), Phil Kraus (percussion), Stan Applebaum (string arrangements), and uncredited studio vocalists (backing vocals).
Don't Play That Song! was recorded between 1960 and 1961 at Atlantic Recording Studio and A&R Recording Studios in New York City and produced by Ahmet Ertegun, Jerry Leiber and Mike Stoller. Released in April 1962, the album did not make the Billboard 200 Albums chart but five cuts on the LP were previous charting singles by King on the Billboard Hot 100 Singles chart.
Ben E. King was an American soul and rhythm and blues singer and songwriter. He began singing in church choirs in Harlem as a youth and formed his first doo-wop group, The Four B’s, while in high school. That group occasionally performed at the Apollo Theatre. In 1958, King joined The Drifters as their lead vocalist. In May 1960, he left the group to pursue a solo career. As a solo artist, he released 21 studio albums, a live album, seven compilation albums and 58 singles. He released seven singles as the lead vocalist of The Drifters. He is a member of the Rock and Roll Hall of Fame and Vocal Group Hall of Fame as a member of The Drifters. As a solo artist, he won the Towering Song Award from the Songwriters Hall of Fame. King died in Hackensack, NJ, in April 2015 at 76.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
