In response to higher crude oil prices, financial results for 42 U.S. exploration and production (E&P) companies showed large increases in both cash from operations and capital expenditures in the fourth quarter of 2021 (4Q21). Cash from operations for the E&P companies reached $27.5 billion in 4Q21, the largest amount in any quarter since 3Q14. .
The assumption that U.S. shale production can be increased at will is not one that stands up to scrutiny, with shale drillers facing a plethora of challenges