Opinion: What would it take for U.S. oil companies to ramp up production? A lot.

Companies are focused on keeping production steady and rewarding shareholders after two recent crashes

Even with oil prices above $100 a barrel and gas prices averaging over $4 a gallon at the pump, frackers show little interest in ramping up output.

Companies including Devon Energy DVN, -0.88%, EOG Resources EOG, -0.92%, Occidental Petroleum OXY, -0.80% and Diamondback Energy FANG, -1.54% have resisted increasing production. Instead, they are rewarding shareholders with juicy dividends and buybacks.