The re-emergence of the U.S. as the global leader in oil and gas production is an exciting success story. However, for a constantly changing industry, this re-emergence has been cause for a brief celebration followed by extended preparation for the next transformational wave. The question is not if the wave will come, but how service providers and operators embrace the transition—which may now be here given recent shocks to global oil prices. During the past decade, favorable oil prices along with advancements in drilling and completion technologies (horizontal drilling and multistage hydraulic fracturing) have enabled this resurgence in U.S. oil production—which has ramped up leasing activity, appreciated land costs and driven exploration and production (E&P) companies to focus on drilling and completion capital efficiency.
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