Ranger Minerals
  • Our Company Who We Are
  • Opportunities Buy or Sell
    • Minerals/Royalties
      • Overview
      • Oil and Gas Royalties: The Complete Guide
      • What Are Mineral Rights: Everything You Need to Know
      • Selling Mineral Rights: A Complete Guide
    • 1031 Exchange
      • Rules & Requirements
      • How To Guides for Different Asset Types
  • Resources Learn More
    • Learn More
      • Frequently Asked Questions
      • Oil & Gas Glossary
      • Industry News
      • Contact Us
    • Guides
      • View All Guides
      • 1031 Exchange
      • Mineral Rights & Royalties
      • How to Find Oil on Your Land: A Practical Guide to Modern Exploration
      • The Ultimate Guide for Oil and Gas Leases
    • News
      • Industry News
      • Company News
      • View All Recent News
  • Contact
  • Free Consultation
  • Click to open the search input field Click to open the search input field Search
  • Menu Menu

US Oil Industry’s Year: 2023 may have been the best year yet

Last updated: January 14, 2024 | Reading Time: 1 minutes
The US oil industry is now in a post-boom era, focusing on smart growth aligned with demand rather than rapid expansion.

Last year, U.S. oil industry or crude oil production broke another record. This in itself is not exactly news. The shale oil industry has been breaking records for breakfast for years. But that was before the pandemic.

After the pandemic, many pronounced the shale boom dead. Of course, those same people found out in 2023 that this wasn’t strictly true. Despite a continued focus on capital discipline and the flurry of cash they returned to shareholders, U.S. drillers managed to boost their overall output to over 13.2 million barrels daily in September. And they did it with fewer rigs, at that. And with zero—if not negative—support from the federal government.

“Smart money knows to never bet against this industry,” Tim Stewart, President of the US Oil & Gas Association, recently told David Blackmon, energy industry vet and Forbes author. “We are going to be around a lot longer than any politician. Why is that? Because we produce wealth while they produce nothing.”

Indeed, if 2023 proved anything that many may have suspected, it was that an industry does not need a friendly government to flourish—at least when it comes to the oil industry, that is. Alternative energy industries, on the other hand, do need government support to survive.

 

Click here to read the full article
Source: Oil Price

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

You might also like
The number of rigs engaged in the exploration and production of oil and natural gas in the United States was 625 in the week ended Dec 1. Permian oil drilling rig count rises in 5 of prior 8 weeks
Crude oil price settles around 80.00$ barrier and keeps its stability above it to support the chances of continuing the expected bullish trend on the intraday and short-term basis. Crude oil price awaits more rise amid bullish trend
Crude oil prices were set for a third weekly rise due to concerns over supply after Trump threatened tariffs on Venezuelan crude and increased sanctions on Iran. Oil prices set to extend winning streak on US sanction action
ExxonMobil (XOM 0.31%) earned an impressive $9.1 billion in the third quarter. Meanwhile, cash flow was even higher at $16 billion. ExxonMobil is cashing in on higher crude oil prices
As per the report from the US EIA, the US claimed the title of the largest global crude oil producer in 2022. Oil and gas pumps market size is projected to grow $10.9B, globally at a 4.7% CAGR by 2028
Occidental Petroleum will buy Permian oil and gas producer CrownRock for cash and stock in a deal valued at around $12B, including debt. Occidental to buy Permian oil producer CrownRock in $12-billion deal
Crude oil production in the Permian Basin is expected to rise by nearly 8% this year. It accounts for nearly half of US crude oil production. EIA: Permian Basin to help drive record oil production levels in 2024, 2025
Crude oil futures rose Wednesday as Federal Reserve Chair Jerome Powell indicated that interest rates will likely come down this year. Oil prices rise more than 1% on Fed rate cut outlook, signs of rising gasoline demand

Get project updates and learn more

Sign up for our free email newsletter:

 We respect your email privacy

About Ranger

contact usRanger Land and Minerals is a Dallas, Texas-based acquisitions and mineral rights company with team members having close to 100 years of combined oil and gas royalties industry experience.

Contact Us

Our Partners
We work with the top drilling operators, including:
     

Learn More

Our Associations
We are proud members of the following associations:
         

Learn More

  • Paid-Up Oil and Gas Lease – What Are They & Why are They Used
  • How to Get Oil Companies to Drill On Your Land
  • What is the Average Price Per Acre for Mineral Rights?
  • How Much Money Can You Make From an Oil Well?
  • How to Find Oil on Your Land

View All Guides

  • Targa Resources to Acquire Stakeholder Midstream for $1.25B
  • Matterhorn expansion likely online, boosting Permian gas flows
  • Permian Basin oil boom propels 2024 rise in US associated natural gas
  • Oil prices rise as OPEC+ holds firm on output through Q1 2026
  • Permian gas wave sparks biggest pipeline buildout since the shale boom

View All News

Are you interested in buying or selling mineral rights?

Contact us and a representative will be in touch shortly

Contact Us

100 Crescent Court, Suite 700
Dallas, Texas 75201

(469) 310-4970

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn

Contact Us

Our team specializes in the acquisition of mineral rights, royalties, overriding royalty and non-operated working interests. Contact us to learn more about how we can assist you.

Contact Us

Our Company & Services

  • About Us
  • Minerals/Royalties
  • 1031 Exchange
  • Contact Us

Resources

  • Guides
  • FAQ
  • Glossary
  • News
© Copyright Ranger Land and Minerals | Privacy Policy | Disclaimer
Link to: US oil & gas industry continues to innovate despite headwinds in 2023 Link to: US oil & gas industry continues to innovate despite headwinds in 2023 US oil & gas industry continues to innovate despite headwinds in 2023Amidst attacks on US energy production and continued global instability, the US oil & natural gas industry exceeded expectations in 2023. Link to: How a spree of oil and gas mergers are setting the stage for 2024 Link to: How a spree of oil and gas mergers are setting the stage for 2024 Last year was big for Texas oil companies as they jockeyed for access to petroleum-rich plots of the Permian Basin and branched into new territories.How a spree of oil and gas mergers are setting the stage for 2024
Scroll to top