The innovation that lowered US cost for producing energy

The Oklahoman:

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Speaking at the Oklahoma State University Energy Conference, Devon Energy Corp. CEO Dave Hager said a better understanding of geology, well control and drilling technology has boosted production and lowered costs throughout the industry.

"How can we survive at $50 oil instead of $90? The use of advanced technology is helping us do that," Hager said.

By connecting producing wells to the internet and allowing field employees to better target problem wells — often before a problem is noticeable — the company has slowed the annual production declines on its wells.

Improved technology also has allowed the company to more precisely control horizontal drilling, ensuring the well stays in the formation and is as straight as possible.

"We're now drilling to a 10-foot tolerance in a well that 10,000 feet long," Hager said.

Together, the efforts have helped boost initial production rates by 300 percent from 2012 to 2016.
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There is more on the importance of gathering the data in a usable form.  I suspect that there are other elements to these production gains as well.  What they have done is give US producers and advantage over most OPEC producers.

What is needed now is change at the refinery level.  Most US refiners are still set up to use heavy crude from Saudia Arabia and Venezuela and not the light crude coming from most of the shale well.  If refiners could switch to handling light crude it would enhance the US chances of becoming energy independent.