U.S. oil production is peaking

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Note below from HFI research:

Incoming data continue to indicate that U.S. shale oil production is maturing. Fourth-quarter production results for U.S. independent E&Ps show shale production growing gassier. This phenomenon is becoming more pronounced over time and is occurring in most shale basins.

The large independent Permian operators—all of which prioritize crude oil over natural gas in their production mix—all saw their crude production decrease relative to their natural gas and NGL production on a year-over-year basis. These E&Ps may have expanded their production through acquisitions between the fourth quarters of 2023 and 2024, but despite their larger size, all saw their production grow gassier.