Meat is around 60+% water.
When you cook it, some of the water comes out. In a oan thats hot enough, it evaporates quickly. In a pan that not hot enough, the water pools up as it comes out.
Similarly, if you cook ground beef in a pan where theres not enough room or heat, the juice/water will add up into a sort of puddle.
Theres also fat that is released as well as small amounts of other things present in the meat that comes out with the water.
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