US oil and gas proved reserves declined in 2024 as lower prices weighed on estimates, though Alaska bucked the national trend with gains driven by increased development activity, the Energy Information Administration strategists said in a note on Wednesday.
Steven Grape, EIA analyst, said total US proved reserves of crude oil and lease condensate fell 1% to about 46 billion barrels at year-end 2024, while natural gas reserves dropped 3% to 584 trillion cubic feet.
Alaska, in contrast, posted increases in both categories. Crude oil and lease condensate proved reserves in the state rose 5% to 3.1 billion barrels, while natural gas reserves climbed nearly 7% to 103 Tcf.
Benchmark prices declined for a second consecutive year in 2024, weighing on reserve estimates nationwide. Average spot prices for West Texas Intermediate crude oil slipped 1% from 2023 levels, while Henry Hub natural gas prices fell 13%.
The EIA said the price downturn contributed to reserve reductions in key producing states. Texas recorded the largest drop in crude oil reserves, down 529 million barrels, or 3%, followed by North Dakota, down 487 million barrels, or 11%.
For natural gas, Texas again led losses with a 10.2 Tcf decline, or 7%, while Louisiana saw reserves fall by 8.4 Tcf, or 26%, the agency said.
Alaska's gains were supported by increased exploration and development activity, which led to upward revisions despite the weaker price environment. EIA analysts said the startup of the Nuna project, operated by ConocoPhillips (COP), contributed to higher oil reserves during the year.
Future projects are projected to further boost Alaska's reserves, including new drilling at Prudhoe Bay and infrastructure developments such as the planned Alaska LNG Project.
Meanwhile, recent US policy measures have also aimed to accelerate resource development in the state. President Trump signed an executive order in January 2025 to expedite permitting and leasing of energy projects in Alaska and promote LNG exports to domestic and allied markets.
The Bureau of Land Management awarded leases covering 1.3 million acres in the National Petroleum Reserve in Alaska in March.
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