Costs trends move apace with prices and activity, with cyclic gains often reversed. This appears to be the current experience of operators in North American tight oil and shale gas plays, where onshore drilling activity—and costs—are rising again. Offshore unutilized capacity persists with low demand and excess supply, and so costs have continued to drift lower. Significant cost reductions have been achieved through innovations resulting in efficiency gains, project redesign, and cycle compression, yet there is an opportunity to roll out such gains more widely. How will costs evolve in the coming years?