An Independent State of Mind
For all the clout and big money behind the supermajors of oil and gas, the independents are dominating the U.S. energy industry. Reese Energy Consulting today is studying the recent report by IHS Markit that details just how much of an impact independent producers make on our oil and gas economy. Independents now account for 83% of all U.S. oil production and 90 percent of natural gas and NGLs. In other words, thunder makes all the noise but lightning does all the work with independents developing 91% of the nation’s oil and gas wells. But there’s more to these contributions than just striking pay dirt. The independents of our energy renaissance bear the highest risk, lead innovation, and support 4.5 million jobs. And the economic bump? The independents influenced $1.2 trillion of sales activity in 2018, which in turn contributed about $573 billion to our economy. To all the independent producers who take the chance, accept the challenges, and persevere in times of uncertainty, you are the driving force to keep our country energy strong long into the future.