According to a report released by Bernstein Research, a huge surge in crude output through 2012, when US production shot up nearly 1MM b/d year-on-year to just short of 6.5MM b/d, was accompanied by a 28% increase in marginal barrel production costs, which rose to a high of $114/bbl last year from just $89/bbl in 2011. The report noted that, "Companies that know the returns of various projects generally execute higher-return projects first, using up as much capital as available, and then move on to lower-return projects.. .Thus the extraordinary growth in the US liquids production this year comes at that price of exploiting lower-return projects (or in some cases delineating emerging projects that end up being poor)."
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机译：根据伯恩斯坦研究公司（Bernstein Research）发布的报告，到2012年，原油产量大幅增长，当时美国的产量同比猛增近1 MM b / d，至6.5 MM b / d，与此同时伴随着28％的增长边际桶生产成本从2011年的89美元/桶上升至去年的114美元/桶。报告指出：“知道各种项目收益的公司通常首先执行收益较高的项目，因此，今年美国液体生产的非凡增长是以开发低回报项目的代价（或者在某些情况下划定了最终成为新兴项目的价格）较差的）。”
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