Despite Less Drilling, 2023 Produced the Most O&G Ever … How?
Riddle us this: In 2023, the rig count for all oil and gas rigs was 20% fewer active rigs than in 2022 (see Baker Hughes U.S. Rig Count Finishes Year @ 622, M-U @ 40). Yet, oil and natural gas production in 2023 hit new all-time highs! How does that happen? Isn't that a paradox?
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