Various methods are disclosed, comprising obtaining a plurality of raw depth measurements for a wellbore; obtaining survey data about a bottom hole assembly; obtaining depth compensation information; calculating a plurality of compensated depth measurements from the raw depth measurements and the depth compensation information and one or more additional corrections for residual pipe compliance, tide, and rig heave; calculating sag angle and correcting the survey data with the sag angle; determining a high fidelity wellbore trajectory from the compensated depth measurements and the survey data; and then employing the high fidelity wellbore trajectory in various drilling, formation evaluation, and production and reservoir analysis applications. Depth compensation information may comprise at least one of weight on bit, a friction factor, temperature profile, borehole profile, drill string mechanical properties, hookload, and drilling fluid property. The surveys may include both static and continuous surveys.