U.S. crude oil and natural gas production increased in 2017, with fewer wells
The total number of wells producing crude oil and natural gas in the United States fell to 991,000 in 2017, down from a peak of 1,039,000 wells in 2014. This recent decline in the number of wells reflects advances in technology and drilling techniques. EIA’s updated U.S. Oil and Natural Gas Wells by Production Rate report shows how daily production rates of individual wells contributed to U.S. total crude oil and natural gas production in 2017. Wells classified as nonhorizont
Crude oil prices expected to increase slightly through 2017 and 2018
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2017 Note: Confidence interval derived from options market information for the five trading days ending Jan 5, 2017. Intervals not calculated for months with sparse trading in near-the-money options contracts. The U.S. Energy Information Administration’s January Short-Term Energy Outlook (STEO) forecasts benchmark North Sea Brent and West Texas Intermediate (WTI) crude oil prices to average $53
U.S. oil and natural gas proved reserves declined in 2015 because of lower prices
U.S. crude oil proved reserves declined 4.7 billion barrels (11.8%) from their year-end 2014 levels to 35.2 billion barrels at year-end 2015, according to EIA’s recently released U.S. Crude Oil and Natural Gas Proved Reserves report. U.S. natural gas proved reserves decreased 64.5 trillion cubic feet (Tcf), a 16.6% decline, reducing the U.S. total to 324.3 Tcf at year-end 2015. The significant reduction in the average price of both oil and natural gas between 2014 and 2015 re
U.S. energy production, consumption has changed significantly since 1908
On Tuesday, the Cleveland Indians are set to host the Chicago Cubs in game six of the 2016 Major League Baseball World Series. In the 68 years since the last title for the Cleveland Indians, and the 108 years since the last World Series title for the Chicago Cubs, energy production and consumption patterns in the United States have changed a great deal. In 1908, the last time the Cubs won the World Series, the United States produced less than half a million barrels per day (b
U.S. oil companies closer to balancing capital investment with operating cash flow
Although the crude oil price decline since 2014 has led to significant reductions in operating cash flow for U.S. oil companies, their immediate financial situations are improving. As oil companies' spending falls and crude oil prices increase, the need for oil companies to find external sources of funding may decline, which could reduce financial strain in the coming quarters. First-quarter 2016 financial results from U.S. onshore producers reveal an improving balance betwee
EIA projects rise in U.S. crude oil and other liquid fuels production beyond 2017
The U.S. Energy Information Administration projects that U.S. petroleum and other liquid fuels production, which in addition to crude oil and condensate production includes natural gas plant liquids derived from natural gas processing as well as biofuels and volume gain at refineries, is projected to grow from 14.8 million barrels/day (b/d) in 2015 to 18.6 million b/d in 2040 in its Annual Energy Outlook 2016 (AEO2016) Reference case. Given the uncertainty inherent in making
