Well, Lookee Here -- Seems To Be Counter To Everything We've Been Hearing Elsewhere; Costs Came Down On A Per Bbl Basis -- June 3, 2019

Rigzone is reporting that "E&P costs hit 10-year low in 2018." Data points:
source: EIA

• based on analysis of 116 E&P companies' annual reports
• the companies added a net 10.3 billion boe to their proved reserves during 2018
• total E&D costs: a nine percent (9%) vs 2017 when calculated as dollars per BOE of proved reserves added
• actual costs actually increased
• costs provide an idea of the expenditures needed to add one barrel of proved reserves
• the 2018 E&D costs incurred at $15.20 per additional boe of proved reserves was the lowest it’s been since 2009

Note: it would be interesting to see the break-out of conventional costs vs non-conventional oil E&D costs.