We are excited to announce that as of February 1, Wood Mackenzie is a portfolio company of Veritas Capital, a leading investor at the intersection of technology and government. Our focus remains on providing you with the best intelligence, analytics, data and tools to ensure you are making the best data-driven business decisions with confidence.  

Read more in our news release here. 


US Independents: shining a spotlight on remaining inventory

Get this report


You can pay by card or invoice

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

03 March 2023

US Independents: shining a spotlight on remaining inventory

Report summary

Investor pressure for dividends and buybacks remains high and is not expected to change soon. But companies still need to decide how to most effectively use cash flow that’s not going to shareholders. After several quarters of debt reduction, balance sheets for nearly all US E&Ps are at healthy levels (20-25% gearing). This frees up cash flow for new uses in 2023. Freed up cash flow can now go towards M&A, ESG, or increased drilling. We believe the companies with deeper inventory should be challenging the “stay flat” narrative. 5-10% growth seems appropriate in most cases. Higher growth rates will undoubtedly invite more questions around quality and depth of remaining inventory. But data in this insight shows that plenty of companies have nothing to hide.

Table of contents

  • Executive Summary
  • Methodology

Tables and charts

This report includes 1 images and tables including:

  • Remaining drilling inventory by company

What's included

This report contains:

  • Document

    US Independents Shining A Spotlight On Remaining Inventory.pdf

    PDF 1.98 MB

  • Document

    US Independents: shining a spotlight on remaining inventory

    PDF 842.41 KB