Despite a 12.8% decline in active drilling rigs last year, U.S. production continued to make small but steady increases on an annual basis. Production climbed to another all-time high of 13.278 MMbopd in 2024, a moderate 2.7% increase from 2023’s 12.935 MMbopd, Table 1. The increase is likely helped by the large number of DUC wells that were completed in 2024—more than double 2023’s DUC completions. Meanwhile, WTI started 2024 at $74.15/bbl, then fluctuated throughout the year before peaking in September at $89.43/bbl. From there, WTI fell to end the year at $71.90/bbl.
CRUDE AND CONDENSATE OUTPUT CHANGES
U.S. production continued increases in 2024, as mentioned earlier, with considerable gains in New Mexico, up 11% to 2.024 MMbopd (+200,890 bopd) and Texas, up 3.3% to 5.884 MMbopd (+186,500 bopd). North Dakota posted a smaller gain, up 1.2% to 1.197 MMbopd (+14,160 bopd), while Louisiana (including federal waters) posted the only decline of the four major producing states, down 3.8% to 1.706 MMbopd (-66,500 bopd). The gains are driven in part by steady reductions in DUCs during 2024 (-10.7%), resulting in a higher drilling efficiency and output across the U.S., though particularly in New Mexico and Texas. The Eagle Ford showed 295 completed DUCs (-45.6%) during 2024.
Rockies/Western states. Colorado continued growth in crude output during 2024, increasing up to 499,377 bopd, a 9.3% increase from 2023, while Wyoming posted a 9.5% gain, up to 290,608 bopd. Historically low drilling activity has continued in California, despite slight increases, resulting in continued output declines, down 10.6% to 297,272 bopd. Utah also saw declines in output, down 2.8% to 150,157 bopd, effectively rolling back earlier gains made in 2023. Finally, Alaska showed little change in crude output, up only 0.1% to 426,510 bopd.
Mid-continent. After earlier gains, Oklahoma saw a decrease in crude output, down 8.6% to 392,545 bopd. Kansas also saw a slight decline, down 1.4% to 74,724 bopd. Nebraska produced 4,438 bopd, up a noticeable 15.7%. WO