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U.S. Crude Oil Production Set for Steadier Growth in 2024

U.S. Crude Oil Production Set for Steadier Growth in 2024

Attachment: US crude oil prod 1Q24

January 5, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. oil production is expected to grow by about 400,000 barrels per day (BBL/d) in 2024--a lower rate than the 1 million-barrel-per-day growth in 2023, but still profitable for the industry's top producers, according to analytics firm Enverus. As in previous years, much of the activity is centered around the Permian Basin and the Gulf of Mexico.

Industrial Info is tracking more than $5.7 billion worth of active crude oil production projects across the U.S. that are set to begin construction through the end of March. Companies developing related projects include Ovintiv Incorporated (NYSE:OVV), Chevron Corporation (NYSE:CVX), Hess Corporation (NYSE:HES), Shell plc (NYSE:SHEL), ConocoPhillips (NYSE:COP), Santos, Repsol and Freeport-McMoRan Incorporated (NYSE:FCX).