While American consumers enjoyed an average of $2,500 in household savings from low gas prices last year, beneath the surface the U.S. oil and gas industry was setting production records, shattering economic benchmarks, and making significant strides in reducing its environmental footprint.
Key Takeaways
- In 2023, U.S. crude oil production reached a record average of 12.9 million barrels per day (bpd), surpassing previous highs driven by Permian Basin output
- U.S. dry natural gas production averaged 103.7 billion cubic feet per day (Bcf/d) in 2023, up 6.9% from 2022, primarily from Appalachia and Permian regions
- Texas led U.S. oil production with 5.6 million bpd in 2023, accounting for 43% of national total
- U.S. proved reserves of crude oil increased 9% to 44.4 billion barrels at end-2022 (latest EIA data)
- Permian Basin holds 16.4 billion barrels of proved oil reserves as of 2022
- U.S. natural gas proved reserves rose to 691 Tcf at year-end 2022, up 20%
- U.S. employment in oil and gas extraction totaled 166,900 jobs in 2023 average
- Oil and gas industry supported 10.3 million jobs total in 2022 including indirect
- Texas oil and gas sector employed 450,000 direct jobs in 2022
- Oil and gas contributed $1.7 trillion to U.S. GDP in 2022, or 8%
- U.S. oil/gas exports generated $245 billion trade surplus in 2023
- Texas oil/gas GDP impact $510 billion in 2022, 44% of state GDP
- U.S. oil/gas methane emissions intensity fell 65% since 2012 to 0.27% of production 2023
- U.S. oil production CO2 intensity 15 kg CO2e per barrel, lowest globally 2023
- Shale gas methane leak rate 0.34% of production per EPA 2023 GHGRP
In 2023, record U.S. oil and gas production set new highs across several key regions.
Economic Contributions
1Oil and gas contributed $1.7 trillion to U.S. GDP in 2022, or 8%
Verified2U.S. oil/gas exports generated $245 billion trade surplus in 2023
Verified3Texas oil/gas GDP impact $510 billion in 2022, 44% of state GDP
Verified4Permian Basin economic output $200 billion annually 2023
Directional5U.S. natural gas industry paid $100 billion in royalties/taxes 2022
Single source6Federal oil/gas leases generated $15 billion revenue in FY2023
Verified7U.S. LNG exports worth $85 billion in 2023
Verified8Refining sector contributed $300 billion to GDP 2022
Verified9North Dakota oil boom added $50 billion GDP 2023
Directional10U.S. oil/gas supports 2.5% of manufacturing GDP via petrochemicals 2022
Single source11Louisiana petrochemical exports $70 billion 2023
Verified12Oklahoma energy GDP $120 billion 2023
Verified13U.S. household savings from low gas prices $2,500 avg per family 2023
Verified14Pipeline industry $150 billion capital investment 2010-2023
Directional15Gulf Coast LNG projects $200 billion investment by 2030
Single source16U.S. oil production saved $500 billion import bill 2022-2023
Verified17Wyoming federal royalties $2 billion annually avg 2023
Verified18Petrochemicals from U.S. gas $600 billion value chain 2023
Verified19Colorado energy taxes $1.5 billion state revenue 2023
Directional20U.S. rig services market $50 billion 2023
Single source21New Mexico oil royalties $4 billion 2023
Verified22U.S. gasoline taxes collected $30 billion federal/state 2023
Verified23Alaska oil dividends $1,300 per resident 2023 from Permanent Fund
Verified24Pipeline transport GDP contribution $90 billion 2022
DirectionalEconomic Contributions Interpretation
The American oil and gas industry funds everything from state budgets and family savings to global trade surpluses, proving that while we may dream of a green future, we are currently living in a black-and-gold reality.
Employment and Safety
1U.S. employment in oil and gas extraction totaled 166,900 jobs in 2023 average
Verified2Oil and gas industry supported 10.3 million jobs total in 2022 including indirect
Verified3Texas oil and gas sector employed 450,000 direct jobs in 2022
Verified4Permian Basin workforce averaged 120,000 in extraction and support 2023
Directional5U.S. oil rig workers numbered 35,000 in 2023
Single source6Fatalities in oil and gas extraction dropped to 42 in 2022 from 50 in 2021
Verified7Average wage in oil/gas extraction $120,000 annually 2023
Verified8North Dakota oil workforce 45,000 in 2023
Verified9Incident rate for oil/gas extraction 1.9 per 100 workers 2022
Directional10Louisiana oil/gas jobs 240,000 total economic impact 2022
Single source11U.S. pipeline construction employed 150,000 in 2023
Verified12OSHA recordable injuries in oil/gas fell 15% to 12,000 cases 2022
Verified13Oklahoma energy sector 300,000 jobs 2023
Verified14Women comprise 22% of oil/gas extraction workforce 2023
Directional15U.S. frac sand mining jobs 10,000 in support of shale 2023
Single source16Lost time incident frequency rate 0.25 per million hours in 2022 API members
Verified17Colorado oil/gas jobs 25,000 direct 2023
Verified18Truck drivers in oilfield services 500,000 nationwide 2023
Verified19Wyoming energy workforce 60,000 2023
Directional20Process safety events in refining down 20% to 150 in 2022
Single source21New Mexico oil/gas employment 85,000 2023
Verified22U.S. oil/gas industry labor productivity up 25% since 2008 to $1.2M per worker 2022
Verified23Alaska oil employment 12,000 2023
Verified24Hispanic workers 35% of oil/gas extraction workforce 2023
Directional25U.S. refining sector jobs 65,000 in 2023
Single source26Pennsylvania gas jobs 300,000 total impact 2023
VerifiedEmployment and Safety Interpretation
The oil and gas industry, a high-stakes economic engine employing millions directly and indirectly, pays handsomely for demanding work that is becoming statistically safer but where every one of the tragically persistent fatalities represents a profound loss.
Environmental and Emissions
1U.S. oil/gas methane emissions intensity fell 65% since 2012 to 0.27% of production 2023
Verified2U.S. oil production CO2 intensity 15 kg CO2e per barrel, lowest globally 2023
Verified3Shale gas methane leak rate 0.34% of production per EPA 2023 GHGRP
Verified4U.S. refineries flared 1.2 Bcf gas in 2023, down 10% from 2022
Directional5Permian Basin water recycling rate reached 70% in 2023
Single source6U.S. oil/gas water use 2.4 billion gallons per day 2022
Verified7Federal offshore Gulf flaring intensity 0.5% of gas 2023
Verified8U.S. LNG export facilities emissions 20 million metric tons CO2e 2023
Verified9Bakken shale spill incidents declined 40% to 500 in 2023
Directional10U.S. pipeline spill volume averaged 20,000 barrels/year 2010-2023
Single source11Haynesville gas operations zero routine flaring 2023 policy
Verified12U.S. oil/gas land disturbance reclaimed 90% within 5 years per BLM 2023
Verified13Marcellus drilling wastewater recycled 55% in PA 2023
Verified14U.S. refining SO2 emissions down 90% since 1990 to 0.4 million tons 2022
Directional15Eagle Ford air emissions reduced 75% via electrification 2023
Single source16U.S. produced water from oil/gas 25 billion barrels annually 2023
Verified17Gulf of Mexico oil spill response readiness 95% containment success 2023 drills
Verified18U.S. methane regulations cut 40 million tons by 2025 projected
Verified19DJ Basin seismic events linked to wastewater <1.0 magnitude avg 2023
Directional20U.S. LNG methane slip <0.2% per IEA 2023
Single sourceEnvironmental and Emissions Interpretation
Despite the oil and gas industry still being a massive environmental undertaking, it is, to its credit, no longer the unapologetic slob it once was, having traded in some of its egregious wastefulness for a marginally more efficient and regulated form of colossal impact.
Production and Output
1In 2023, U.S. crude oil production reached a record average of 12.9 million barrels per day (bpd), surpassing previous highs driven by Permian Basin output
Verified2U.S. dry natural gas production averaged 103.7 billion cubic feet per day (Bcf/d) in 2023, up 6.9% from 2022, primarily from Appalachia and Permian regions
Verified3Texas led U.S. oil production with 5.6 million bpd in 2023, accounting for 43% of national total
Verified4Permian Basin produced 6.2 million bpd of crude oil in 2023, representing 48% of U.S. total
Directional5U.S. shale oil production contributed 69% of total crude oil output at 8.9 million bpd in 2023
Single source6North Dakota's Bakken formation averaged 1.2 million bpd in 2023, up 5% year-over-year
Verified7U.S. total petroleum production (including biofuels) hit 21.0 million bpd in 2023
Verified8Oklahoma oil production reached 850,000 bpd in 2023, driven by SCOOP/STACK plays
Verified9U.S. natural gas plant liquids (NGPL) production averaged 6.7 million bpd in 2023
Directional10Louisiana's Haynesville shale produced 14.5 Bcf/d of natural gas in 2023
Single source11U.S. rig count averaged 595 active oil rigs in 2023, down slightly from 2022
Verified12Eagle Ford shale output was 1.1 million bpd of oil in 2023
Verified13U.S. gross withdrawals of natural gas totaled 37.8 trillion cubic feet (Tcf) in 2023
Verified14Colorado's DJ Basin produced 550,000 bpd equivalent in 2023
Directional15U.S. marketed natural gas production was 32.9 Tcf in 2023
Single source16Wyoming's Jonah Field contributed 1.2 Bcf/d in 2023
Verified17U.S. oil production from federal offshore Gulf of Mexico averaged 1.7 million bpd in 2023
Verified18Marcellus shale dry gas production hit 32.5 Bcf/d in 2023
Verified19U.S. total rig count (oil + gas) was 623 in Q4 2023 average
Directional20New Mexico Permian production reached 2.1 million bpd in 2023
Single source21U.S. ethane production from natural gas processing was 2.4 million bpd in 2023
Verified22Utica shale gas output averaged 7.8 Bcf/d in 2023
Verified23Alaska North Slope oil production declined to 450,000 bpd in 2023
Verified24U.S. propane production reached 1.6 million bpd in 2023 from gas plants
Directional25Pennsylvania's Marcellus production was 40% of U.S. shale gas in 2023
Single source26U.S. butane output from NGLs averaged 450,000 bpd in 2023
Verified27Gulf of Mexico deepwater production was 1.2 million bpd oil equivalent in 2023
Verified28Ohio Utica gas production grew 8% to 8.2 Bcf/d in 2023
Verified29U.S. isobutane production hit 250,000 bpd in 2023
Directional30California oil production was 300,000 bpd in 2023, down 5%
Single sourceProduction and Output Interpretation
While America's energy engine hums louder than ever, setting crude records and pumping a Texas-sized portion of the nation's power, it's a tale of two coasts: the Permian gusher fueling our present and the prolific Marcellus quietly keeping the lights on, even as stalwarts like Alaska's North Slope and California's fields slowly wind down their decades-long watch.
Reserves and Exploration
1U.S. proved reserves of crude oil increased 9% to 44.4 billion barrels at end-2022 (latest EIA data)
Verified2Permian Basin holds 16.4 billion barrels of proved oil reserves as of 2022
Verified3U.S. natural gas proved reserves rose to 691 Tcf at year-end 2022, up 20%
Verified4Marcellus/Utica shale reserves estimated at 200 Tcf of technically recoverable gas
Directional5Bakken/Three Forks formation has 7.4 billion barrels recoverable oil, USGS 2013 assessment updated
Single source6U.S. technically recoverable shale oil resources total 345 billion barrels
Verified7Eagle Ford shale proved reserves 8.4 billion barrels oil equivalent end-2022
Verified8Haynesville shale gas reserves assessed at 304 Tcf technically recoverable by USGS 2019
Verified9U.S. offshore Gulf of Mexico proved reserves 4.9 billion barrels oil end-2022
Directional10Anadarko Basin (SCOOP/STACK) has 46 Tcf gas recoverable
Single source11U.S. total undiscovered technically recoverable oil 198 billion barrels onshore/offshore
Verified12DJ-Niobrara formation 8.1 billion barrels recoverable oil per USGS
Verified13Permian Basin Wolfcamp shale 20 billion barrels recoverable tight oil
Verified14U.S. coalbed methane reserves 86 Tcf proved end-2022
Directional15Monterey shale technically recoverable 15.4 billion barrels oil
Single source16U.S. Arctic National Wildlife Refuge estimated 10.4 billion barrels undiscovered oil mean
Verified17Powder River Basin tight oil 8.5 billion barrels recoverable
Verified18U.S. proved NGL reserves 5.2 billion barrels end-2022
Verified19Spraberry Trend Permian 12 billion barrels proved reserves 2022
Directional20U.S. shale gas technically recoverable resources 1,074 Tcf per EIA 2021
Single source21Bone Spring play Permian 5.5 billion barrels tight oil
Verified22U.S. total proved reserves oil + gas equivalent 600 billion BOE end-2022
Verified23Greater Green River Basin 22 Tcf gas recoverable
Verified24U.S. offshore Alaska undiscovered oil 23.6 billion barrels mean estimate
Directional25Avalon/Bone Spring Permian 3.8 billion barrels oil
Single source26San Juan Basin tight gas 15 Tcf
VerifiedReserves and Exploration Interpretation
Despite boasting a staggering 600 billion barrels of oil equivalent in proven reserves—a testament to relentless drilling and geological fortune—the American energy industry’s colossal underground inventory serves as both its greatest asset and a stark measuring stick for the monumental transition required to move beyond them.
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