Commodities
US Oil and Gas Industry Hits Record Production While Investing More Cautiously
The US oil and gas industry reached record production levels in 2025 while investing more selectively in future growth, according to an annual benchmarking study by Ernst & Young LLP (EY US).
Oil production hit a study-period high, but reserve replacement fell below 100% for the first time since 2021. Capital expenditures declined 49%, and exploration spending represented just 3% of total capital expenditures in 2025.
Natural gas reserves reached a five-year high, supported by higher discoveries, exports, and rising electricity demand.