Insight

US Lower 48 upstream: 2024 in review

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2024 was a year of efficiencies in the Lower 48 as operators focused on minimizing downtime in the field and advancing new technology. M&A momentum carried into 2024 and as a result basin leaders were reshuffled. Gas faced a more challenging year, with Waha going negative several times and top gas operators curtailing production.

Table of contents

  • Executive summary
  • 1. Operational efficiency gains are sticky
  • 2. Consolidation reshapes the corporate landscape
  • 3. Low prices drive US natural gas strategy
  • 4. Regulatory and environmental challenges intensify

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    US Lower 48 upstream: 2024 in review

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