With U.S. shale growth at an all-time high, companies are using latest technology techniques to figure out how to squeeze more oil from each well.
Some producers are now putting sensors on drill bits to better access oil deposits. Some companies are also using artificial intelligence and remote operators to get the most out of equipment and trained engineers.
Advanced technology will help producers add wells in less productive regions and still make those plays profitable, according to CEO of Warwick Energy Group Kate Richard.
Higher oil prices are also allowing suppliers to buy new equipment in anticipation of new work, like Keane Group and Liberty Oilfield Services that provides hydraulic fracturing services.
Top U.S. oil majors like Exxon Mobil and Chevron are also focusing more of their investment in U.S. shale as production hits an all-time record, which is driving up costs for labor and drillable land in the region and boosting wages.