02232020Sun
Last updateFri, 21 Feb 2020 3pm

End-User News

U.S. Oil Production Continues to See Efficiency Gains

U.S. oil production from tight formations increased in 2019, accounting for 64% of total U.S. crude oil production. This share grew because of the increasing productivity of new wells that were brought online during 2019. Since 2007, the average first full month of oil production from new wells in regions tracked by the U.S. Energy Information Administration’s (EIA) Drilling Productivity Report has increased. The growing initial production rates have helped oil production from tight formations to increase despite the slowdowns in drilling activity when oil prices fell between 2015 and 2016. Since 2017, recovering oil prices and more efficient production from new wells have helped producers cover costs of drilling, production, and the development of new technologies.

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