Increased drilling needed to offset rapid declines from existing horizontal wells

Summary

U.S. crude oil production from existing wells declined by 4.3 million b/d from December 2023 to December 2024, necessitating the addition of over 15,000 new wells, primarily horizontal, which produced 4.4 million b/d. Natural gas production also saw a decline of 27.0 Bcf/d from existing wells, offset by new wells producing 28.0 Bcf/d, leading to an overall increase in production to 116.5 Bcf/d in December 2024.

Recent Coverage

• Rapid declines from horizontal wells require more drilling to sustain production

  Energy Information Association • Nov 5