The STEO provides detailed production data for key U.S. regions, including the Permian, Eagle Ford, Bakken, Appalachia, Haynesville, Alaska, and the Gulf of America. The Permian, Eagle Ford, and Bakken regions are the most significant, contributing nearly two-thirds of total U.S. crude oil output. In 2024, the Permian region alone accounted for 48% of the nation’s production, averaging 6.3 million bpd, a rise of 370,000 bpd from 2023.
The Permian’s growth was supported by West Texas Intermediate (WTI) crude oil prices, which averaged $77 per barrel in 2024. This price exceeded the breakeven costs of $62 per barrel in the Permian Midland Basin and $64 per barrel in the Permian Delaware Basin, as reported by a Dallas Fed Energy survey, making drilling economically viable. The region operated an average of 308 drilling rigs in 2024, down by 26 rigs from 2023. Despite the reduced rig count, production increased due to enhanced well productivity, driven by technologies such as artificial intelligence, electronic hydraulic fracturing, and automated drilling systems.
In contrast, the Eagle Ford and Bakken regions each represented 9% of U.S. crude oil production in 2024, with minimal growth. Both regions saw production rise by 13,000 bpd, reaching 1.2 million bpd each. The Eagle Ford’s rig count dropped by nine rigs to an average of 54, while the Bakken’s rig count decreased by two rigs to an average of 34 in 2024.
The EIA’s data highlights the Permian region’s critical role in boosting U.S. crude oil production, supported by technological advancements and favorable market conditions. The steady output from other regions like Eagle Ford and Bakken further contributes to the nation’s energy supply, reinforcing its position in the global oil market.
