For the first time in what seems like years-certainly pre-COVID years-a sense of stability has returned to the upstream oil and gas industry.Backed by solid and stable oil and gas prices,as well as tempered growth and spending,producers have seemingly found the sweet spot between generating returns for investors,growing production and navigating the energy transition.At the core of much of this sustained stability is operational efficiency.Producers have tightened their belts in spending while slowly but steadily growing production.Still,rig counts are far below pre-COVID levels.However,cost savings and lowered capex doesn't always come from decreased activity,nor does all production growth result from drilling new wells.
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