Old oil wells

As the average person looks at oil companies they are confused. Experts say that these companies are using their profits to increase dividends instead of production. Two years ago they were producing 13 million barrels per day and now they are down to 11.5 million. They could go back to 13 without investing in new wells so why don't they. At $100 per barrel this would add $150 million dollars per day to their bottom line and then they could pay even more dividends. It may take new investment to drill new wells but not to open up the wells that were shut down over the past two years.