U.S. oil producers increased capital expenditures and cash from operations in late 2021

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. Compared with 3Q21, capital expenditures increased 60% to $15 billion. However, despite higher capital spending and increasing crude oil prices, crude oil production by the E&P companies was still 10% below pre-pandemic levels.