American oil producers were active by 2022 standards last week. However, total output held flat for the third straight period and remained far below pre-pandemic levels, the U.S. Energy Information Administration (EIA) said Wednesday.

Production for the week ending April 29 totaled 11.9 million b/d, according to EIA. That was on par with the high mark of this year and consistent with the two prior EIA report periods. It also was notably above the 11.6 million b/d level at which output held most of the first quarter, the agency’s latest Weekly Petroleum Status Report showed.

However, exploration and production (E&P) companies are forging ahead gingerly amid investor pressure to preserve cash and shift more resources to renewable energy projects. Recent pullbacks in demand, too,...