In its most recent analysis available, the U.S. EIA noted that U.S. crude oil and natural gas saw decreases in price during 2023. Accordingly, the most recent (end of 2023) EIA estimates for U.S. oil and gas reserves also saw minor drops.
World Oil staff
In June 2025, the U.S. Energy Information Administration (EIA) released its most recent reporting and analysis of U.S. oil and gas reserves. In the report, analysts noted that oil and gas reserves declined in 2023, compared with earlier all-time highs. Declining reserve levels were no doubt generated by dipping crude oil and natural gas prices, which showed similar activity during 2023.
“Proved reserves” represent estimated volumes of hydrocarbon resources that analysis of geologic and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions. A variety of factors affect these estimates of reserves and the changes they show from year to year, including: 1) Price and cost changes; 2) New discoveries; 3) Thorough appraisals of existing fields; 4) Existing reserves production; and 5) New and improved techniques and technologies.
To prepare this report, EIA collected independently developed estimates of proved reserves with Form EIA-23L from a sample of U.S. operators of oil and natural gas fields. EIA used this sample to further estimate the portion of proved reserves from operators who do not report. For this particular reserves report, EIA received responses from 422 of 458 sampled operators, which provided coverage of about 95% of proved reserves of oil and 97% of proved reserves of natural gas at the national level. EIA developed estimates for reserves located in the U.S., each state individually, and some state subdivisions. States and regions with subdivisions include California, Louisiana, New Mexico, Texas, and the federal Gulf of America/Mexico.
Crude oil highlights. U.S. crude oil and lease condensate proved reserves decreased 3.9%, from 48.3 Bbbl at year-end 2022, to 46.4 Bbbl at year-end 2023, Table 1 and Fig. 1. Even so, production increased 7.8% during 2023. North Dakota crude oil and lease condensate reserves decreased 12.3% from 2022, marking the largest annual net decline (611 MMbbl) reported among all states, Table 1. Alaska posted the second-largest net decline of oil reserves, with a decrease of 11.4% (384 MMbbl). New Mexico’s proved crude and condensate reserves increased 6.1%, representing the largest net increase (380 MMbbl) in 2023. The 12-month, first-day-of-the-month average spot price for West Texas Intermediate (WTI) crude oil at Cushing, Okla., decreased 17.4%, from $94.5/bbl to $78.05/bbl.
Natural gas highlights. Proved reserves of U.S. natural gas decreased 12.6%, from 691.0 Tcf at year-end 2022 to 603.6 at year-end 2023, marking the first annual decrease in U.S. natural gas reserves since 2020, Table 2 and Fig. 1. Even so, U.S. natural gas production increased 3.4% in 2023. Alaska’s natural gas proved reserves decreased 22.7%, the largest annual net decline (28.5 Tcf) among all states in 2023, Table 2. Texas had the second-largest net decline in proved reserves of natural gas (12.6% or 21.4 Tcf). On a percentage basis, Montana reported the largest annual net increase in proved reserves of natural gas (11.2% or 70 Bcf). The 12-month, first-day-of-the-month average spot price for natural gas at the Louisiana Henry Hub decreased by 58.7% year over year, from $6.29 per million British thermal units (MMBtu) to $2.60/MMBtu, which was the lowest annual average price since 2020. WO