1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.Please see analyst certifications and important disclosures beginning on page 16.U.S.Integrated Oil&E&PProductivity Heat Map:Basin&Operator TrendsOur new heat map series tracks oil productivity trends acrosskey U.S.basins and operators,benchmark

3、ing performanceagainst historical norms.Designed to offer forward-lookinginsights,this tool helps anticipate operational trajectory andstrategic capital allocation.We publish our inaugural oil productivity heat maps,highlighting both operator-specific andplay-wide trends.This tool benchmarks each op

4、erator against its own historical performancewithin plays where it maintains a significant operating footprint.The goal is to offer high-levelinsights into productivity improvements and degradation.We believe this framework can serveas a forward-looking indicator ahead of quarterly operations update

5、s,while also helping toidentify where longer-term productivity trends may influence capital allocation and strategicdirection.Basin-Level TrendsOur tracker covers the four largest unconventional oil plays-Delaware,Midland,Eagle Ford andthe DJ Basin.Across all four of these plays,per-foot oil product

6、ivity has degraded in 20232024relative to 20202022.However,six-and twelve-month trends have broadly stabilized in 2024versus 2023,with the Eagle Ford notably improving by 13%YoY.See Oil Basin PerformanceTrend.Based on early 2025 well data,its notable that three-month oil cumulative production has go