Production in the oil-and-gas-rich Permian Basin hits records recently, juicing oil company profits and easing energy supply worries.

US Permian Basin oil production — and profits — have surged

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Production in the oil-and-gas-rich Permian Basin of West Texas and New Mexico hit records recently, juicing oil company profits and easing energy supply worries.

It shows U.S. oil companies are responding to higher prices, with increased drilling and pumping after what seemed like months of foot-dragging.

Russia’s invasion of Ukraine generated a global oil shock in 2022. U.S. crude climbed over $120 a barrel back in March, and average gasoline prices jumped to more than $5 per gallon in June.

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Source: AXIOS

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Texas energy expected to be key in meeting global demand

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As 2023 gets underway, the Energy Information Administration is offering its annual short-term energy outlook for the early part of the year.

Among the trends the report has identified are rising natural gas production, increasing liquefied natural gas exports and high winter electricity prices.

So, asked the Texas Independent Producers and Royalty Owners Association, what does this mean for Texas?

“Global production will continue to rise in the coming years and the Permian Basin will play a critical role in meeting energy demand here and abroad,” responded Ed Longanecker, TIPRO president, in an email to the Reporter-Telegram.

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Source: mrt

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