September 20, 2026 [Oil Price]- EY reported that U.S. oil and gas producers are cutting capital spending while maintaining record oil production through drilling efficiencies, technology and shorter-cycle assets. Capex among the 30 largest publicly traded U.S. E&P companies fell 49% year-on-year in 2025, while oil production reached a record high. However, oil reserve additions declined 11%, raising concerns about future supply flexibility. In contrast, natural gas reserves rose 14% and discoveries increased 21%, exceeding production growth of 18%. EY’s Patrick Jelinek said rising gas reserves and discoveries indicate growing strategic importance for U.S. natural gas amid energy security and AI-driven demand.

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