“Davidson” submits:

The collapse in $WTI Oct-Dec 2018 had no impact on E&P Activity Index or rise in Efficiency Index. US Crude Production reaches new high at 12.3mil BBL/Day and Employment in Oil&Gas extraction industries continues a decent rise in its recovery from lows of Dec 2017.

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That the Baker Hughes Rig Count continues to fall is a testament to how quickly new techniques and lower cost approaches are producing more with less.

Bill Thomas, CEO EOG, said on the call May 3, 2019:

“Our premium combination of high returns and organic growth is evident in every area of the company with 2019 shaping up to be one of the best operating performances in the company history. Well costs and operating costs are falling, and well productivity is strong. EOG is growing all volumes at a lower cost per barrel than ever before. We are excited about 2019 and the outstanding operational and the financial results we are delivering.”