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Ten counties in the Permian Basin drove 93% of US crude oil growth from 2020–2024, EIA and Enverus data show.

America’s oil boom concentrated in ten Permian counties

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If you want to know where America’s oil boom is happening, no need to look at the whole map—because it’s limited to just ten counties in the Permian Basin. Between 2020 and 2024, these small dots in Texas and New Mexico delivered 93% of all U.S. crude oil growth, according to the latest EIA and Enverus data.

It’s almost like the rest of the US doesn’t even matter when it comes to oil production growth.

The U.S. added 1.9 million barrels per day (bpd) of new crude and condensate output over that stretch. But nearly all of it came from Lea and Eddy counties in New Mexico, plus Martin and Midland on the Texas side. Lea and Eddy alone punched out almost 1 million bpd of growth—more than half the national total. That puts two dusty counties in New Mexico on par with the production increases seen from OPEC heavyweights like Iraq or the UAE in their strongest years.

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Source: Oil Price

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According to the impact report, the Permian Basin generated $119B for the US economy in 2024 and supported more than 862,250 jobs.

Permian Basin drives $119B in US economic impact, report finds

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Only a small percentage — 1.6% — of Texans and New Mexicans reside in the Permian Basin, but the region has an outsized economic impact.

The Permian Strategic Partnership (PSP) has released its 2024 Economic Impact Report, highlighting the region’s essential role in supporting critical government functions such as public education and teacher support, police and fire departments, roadside safety, community hospitals and universities.

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Source: mrt

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Lawmakers tour Permian Basin oil sites to shape energy policy, promote jobs, and support US energy dominance and innovation.

Lawmakers tour Permian Basin oil sites, discuss energy policy and jobs

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Rep. August Pfluger continues to escort fellow members of Congress to the Permian Basin on a tour of the region’s oil and gas operations.

This week, members of the House Committee on Energy and Commerce visited a hydraulic fracturing site and held a roundtable discussion with members of local energy companies.

“The purpose is the same as it has been the last five years,” said the Texas Republican, whose District 11 encompasses the Permian Basin. “They came to see how the energy space works. The Permian Basin literally provides the foundation of our economy.”

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Source: mrt

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The Permian Basin is pumping a record 6.3 million barrels of oil daily, with projections to hit 6.6 mb/d next year, driven by tech advances and disciplined practices.

Basin’s oil production goes ever higher

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Pumping a record 6.3 million barrels of oil per day and poised to reach 6.6 mb/d next year, the Permian Basin is driven by good prices, technological advances and fact-based optimism that the worldwide demand for oil and natural gas will stay strong for decades to come.

And as much oil and gas as it’s producing, a convergence of factors ensures that the Basin can and will generate even more. The prediction of 6.6 mb/d next year is from the U.S. Energy Information Administration.

Odessa oilman Kirk Edwards, State Rep. Brooks Landgraf and Waco economist Ray Perryman say the region continues to lead the world in energy innovations.

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Source: OA Online

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The Public Utility Commission of Texas (PUCT) approved a plan to meet the future electricity needs of the Permian Basin Region.

Texas commission approves plan for transmission infrastructure to serve Permian Basin

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The Public Utility Commission of Texas (PUCT) approved a plan to meet the future electricity needs of the Permian Basin Region.

The plan incorporates the transmission infrastructure needed to support the expansion and electrification of Texas’ oil and gas industry in West Texas. ERCOT forecasts that electricity demand in the region will grow to approximately 26 GW by 2038, which is equivalent to almost one third of the current summer demand of the entire ERCOT system.

“The Permian Basin is the heartbeat of our state and nation’s energy dominance and economy,” PUCT Commissioner Lori Cobos said. “This plan is a roadmap that will ensure electric reliability in the region for decades to come and facilitate critical transmission infrastructure investment that will ensure the continued success of Texas’ oil and gas industry and support the region’s local communities and our entire state.”

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Source: Daily Energy Insider

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Major companies' recent mergers and acquisitions of independent oil firms have positively reshaped the energy industry in the Permian Basin.

Big oil mergers promise greater stability

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The recent series of mergers and acquisitions of independent oil companies by major companies has reshaped the energy industry for the better in the Permian Basin.

Odessa oilman Kirk Edwards, State Rep. Brooks Landgraf and Waco economist Ray Perryman say one of the big benefits will be more stability in the oil and natural gas markets as the major companies prove much less reactive to price fluctuations than the independents always were.

Starting last fall and continuing through the spring, ExxonMobil bought Pioneer Natural Resources for $60 billion, Chevron merged with the Hess Corp. for $53 billion, Diamondback Energy obtained Endeavor Energy Resources for $26 billion and Occidental Petroleum acquired CrownRock Operating for $12 billion. ConocoPhillips bought Concho Resources for $13.3 billion in 2020.

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Source: OA online

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Over the next 12 months, US Energy plans to invest over $750 million, primarily targeting projects in the Permian region.

US Energy Development Corporation to invest $750 million on Permian projects

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U.S. Energy Development Corporation (U.S. Energy) is expanding its operations in the prolific Permian basin. U.S. Energy is poised for significant growth and development in one of the most productive oil and gas regions in the United States.

Over the next 12 months, the company expects to deploy upwards of $750 million, with the majority of this capital earmarked for projects in the Permian.

Following closely on the heels of its success with the JT Morris pad, U.S. Energy brought its Westway 2122 two-well pad online in mid-June. Similar to JT Morris, the Westway project was completed under budget and ahead of schedule.

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Source: Oil & Gas 360

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The development of gas processing plants and a pipeline opening in the Permian Basin are expected to give crude producers a boost in the second half of 2024.

Expanding gas processing capacity may increase Permian crude

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Crude production is about to pick up in the Permian Basin, analysts say.

Permian players are expanding gas processing and takeaway capacity in the basin—an indication of plans to ramp up crude production over the next two years, according to analysts tracking the region.

Permian crude production has flattened since February, staying within striking distance of 6 MMbbl/d since last fall, according to a study by analytical firm RBN Energy. Consolidation, capital discipline and a lack of natural gas takeaway capacity have led E&Ps to keep production relatively steady.

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Source: Hart Energy

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Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts. Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%.

Booming shale production lifts Exxon, Chevron forecasts as oil and gas earning season kicks off

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Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts as bigger-than-expected oil output from shale fields helped cushion the blow from weakening crude prices.

Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%. Exxon’s outsized result also was aided by a $1.14 billion boost from unsettled derivatives and record fuel production at its refineries.

Chevron, meanwhile, posted adjusted earnings of $3.45 a share that exceeded the Bloomberg Consensus estimate by 23 cents. The oil explorer also raised its dividend by a higher-than-forecast 8%.

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Source: World Oil

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Exxon, Chevron and Oxy led the way in a blockbuster year for Texas oil mergers amid a consolidation wave that is projected to continue.

How a spree of oil and gas mergers are setting the stage for 2024

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Last year was big for Texas oil companies as they jockeyed for access to petroleum-rich plots of the Permian Basin and branched into new territories.

Recent megadeals struck by Chevron and Exxon put pressure on others in the oil industry to catch the consolidation wave, potentially kicking off a new round of mergers and acquisitions that could have a profound impact on Houston for years to come. Additionally, milestone acquisitions made by Exxon and Occidental Petroleum in the carbon capture space also set the stage for Houston to be ground zero for the growing industry.

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Source: Houston Chronicle

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