"Efficiency Boost: U.S. Oil Production Soars Despite Decreased Rig Count"

Despite a decline in the number of drilling rigs, US crude oil production reached a record high in August 2023, driven by productivity gains and more efficient operations. Exploration and production companies are drilling longer lateral wells and focusing on promising areas to maximize output. Texas, the top oil-producing state, achieved a record-high production of 5.7 million barrels per day. The US shale industry is prioritizing capital and operational efficiency to demonstrate measured growth and higher returns to investors. Despite a decrease in rig count, shale firms are producing more oil and gas, exceeding earlier projections. The Energy Information Administration expects US crude oil production to continue growing, with increased rig activity anticipated in 2024.