U.S. E&Ps, averaging a record 13.1 MMbbl/d through the first eight months of 2024, are on track to becoming the world鈥檚 top producing country for the seventh consecutive year, the U.S. Energy Information Administration (EIA) says.

But they鈥檙e setting records without spending more.

Over the past two years, publicly traded E&Ps have generally increased production, with oil volumes in second-quarter 2024 averaging 3.9 MMbbl/d鈥� the most in the past five years.

U.S. E&Ps, averaging a record 13.1 MMbbl/d through the first eight months of 2024, are on track to becoming the world’s top producing country for the seventh consecutive year, the U.S. Energy Information Administration (EIA) says.

But they’re setting records without spending more.

Over the past two years, publicly traded E&Ps have generally increased production, with oil volumes in second-quarter 2024 averaging 3.9 MMbbl/d— the most in the past five years.