[Editor's note: A version of this story appears in the October 2021 issue of Oil and Gas Investor magazine.]

In fits and starts, the oil and gas industry has been rallying all year, but it still faces uncertain times ahead thanks to factors outside its control, including COVID variants that may stall a full economic recovery, not to mention roadblocks thrown up from the halls of Congress, the Department of Energy or the EPA.

Nevertheless, the industry endures. We need to shout out its contributions to society and the enormous effort that entails in the face of many risks.

In the last four quarters through June 30, the sector (as measured by Bernstein Research and using an aggregate of 44 E&P companies’ results) used up $61 billion in spending. It produced a grand total of 5.5 Bboe.

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