Saying you’re going to ‘do more with less’ typically rings false as an empty platitude spouted by cost-cutting executives. But even prosaic phrases can prove true on occasion, and that’s occurring with the productivity of energy producers in 2024.
The potentially fleeting phenomenon is playing out in real time because of a confluence of events, or, to borrow another hackneyed cliché, a perfect storm.
The combination of industry consolidation, technological advancements, efficiency gains, services deflation and a focus on the best remaining acreage are allowing many producers to churn out more oil and gas from wells while drilling and completing them more quickly and cheaply.