Yes, as you train your body adapts to the training, most relevant your cardiovascular system improves to pump blood for less energy. your heart will grow larger and you will develop more capillaries in your muscles that help diffuse O2. This makes your heart more calorie efficient, it is now capable of delivering more oxygen per beat.
I study exercise physiology, but I would not consider myself an expert yet. There is more to it such as transition of type 2a fibers to type 1, and increased mitochondrial count in these muscles, but I think most relevantly would be the cardiovascular changes.
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