The capital efficiency cycle aka drilling wells in less time for less $$$$ is probably the single biggest thing that has allowed US production to continue rising.

It has offset increased GORs, decreased well productivity, etc.

But history teaches us that the rate of efficiency gains does indeed slow and they will so again. In fact I believe it started decelerating several years ago. This is not the first capital efficiency cycle industry has gone through and it wont be the last.

The first drillers of Western Pennsylvania used to use percussion rigs that would drop a chisel like bit on the rock to smash it. Roustabouts would clear the well and they would do it again. But then came the introduction of rotary rigs and other advancements. Voila! A capital efficiency cycle.

Percussion bits of the early PA days were like single stage fracs of early shales.

The introduction of rotary rigs in PA days were like zipper & simul fracs of today as well as a host of other contemporary advancements.