In today’s volatile energy landscape, shale operators are leaning into a familiar playbook—one forged through cycles of boom, bust, and adaptation. With WTI prices hovering around $60, executives across the U.S. oil patch are recalibrating operations and capital plans while reaffirming confidence in their long-cycle strategies built on cost discipline and optionality.

Even with oil prices hovering around $40 per barrel, U.S. shale producers are thriving. How? The answer lies in strategic acquisitions, portfolio optimization, and relentless capital discipline.

In today’s lower-for-longer oil price environment, U.S. shale operators must be relentless in their pursuit of cost efficiency. The ability to deliver production with a breakeven price of $40 or less isn’t just desirable—it’s essential. That level of performance is only possible through structural cost reductions across drilling, fracing, facility development, and production operations.

U.S. production can remain globally competitive thanks to low-cost inventory—but only if operators avoid cutting too deep or delaying activity.
Without that, even the Permian will face premature decline.

ConocoPhillips’ Q1 2025 earnings report and a detailed review of rig data reveal a strategic shift in capital spending, operational efficiency, and the evolving competitive landscape in drilling. Here’s what you need to know about capital allocation, top contractors, and where the drilling momentum is building.