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Drilling Productivity in the United States: What Lies Beneath

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Abstract

We construct new measures of drilling productivity and find that productivity increased sixfold from the mid-2000s to early 2017. Gains in below-ground efficiency?the number of barrels produced per foot of drilled wells?have largely driven this increase in overall productivity. The large oil price declines during the Great Recession and from 2014 to 2016 also played a role. However, further large increases in productivity are unlikely absent additional improvements in technology or a subsequent large downturn in oil prices.

Suggested Citation

  • Jason Brown & Tousey Colton & David Rodziewicz, 2019. "Drilling Productivity in the United States: What Lies Beneath," Economic Bulletin, Federal Reserve Bank of Kansas City, issue May 22, 2, pages 1-5, May.
    • Handle: RePEc:fip:fedkeb:00004
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    File URL: https://www.kansascityfed.org/documents/663/2019-Drilling%20Productivity%20in%20the%20United%20States:%20What%20Lies%20Beneath.pdf
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    Cited by:

    1. Shakya, Shishir & Li, Bingxin & Etienne, Xiaoli, 2022. "Shale revolution, oil and gas prices, and drilling activities in the United States," Energy Economics, Elsevier, vol. 108(C).

    More about this item

    Keywords

    Drilling Productivity; Oil Prices; Gas Production; Oil Production;
    All these keywords.

    JEL classification:

    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices

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