Author Topic: Permian Basin goes corporate  (Read 374 times)

0 Members and 1 Guest are viewing this topic.

Online Elderberry

  • TBR Contributor
  • *****
  • Posts: 6,873
Permian Basin goes corporate
« on: January 10, 2019, 06:33:57 PM »
Houston Chronicle 1/10/2019 by Jordan Blum

What a difference a decade makes.

At one point in 2008, U.S. oil production fell to its all-time low of about 3.8 million barrels a day. Today, the Permian Basin alone produces 3.8 million.

Once the epitome of Texas wildcatting and strike-it-rich oil exploration, the West Texas oil field is now the home of big corporations bringing industrial efficiency to the production of crude. And that’s increasingly true with each passing day as the big players buy out the smaller ones.

The country’s top energy companies, Irving-based Exxon Mobil and Chevron, have made the Permian their global focal points. And European supermajors such as Royal Dutch Shell and BP are making moves to keep growing in West Texas.

Late last year, Exxon Mobil planted its flag as the most active driller in the Permian with 38 drilling rigs running in the region, which extends into southeastern New Mexico. That jumped Exxon past the Midland company Concho Resources’ 34 rigs, which rapidly expanded last year through the $8 billion acquisition of rival RSP Permian. Chevron, headquartered in San Ramon, Calif. isn’t far behind in the region with more than 20 rigs.

He who makes an attempt to enslave me, thereby puts himself into a state of war with me.

Offline IsailedawayfromFR

  • Hero Member
  • ****
  • Posts: 9,670
  • Sept 11 2001 or March 6 1836
Re: Permian Basin goes corporate
« Reply #1 on: January 11, 2019, 09:30:18 PM »
Ironically, two decades ago the majors mostly abandoned the Permian in favor of Offshore and International ventures.  The sale of the Permian JV between Amoco and Shell, Altura, alone made Oxy what it is today, the largest independent and the 4th largest oil company in the US.
Yearning to stay free takes place in many ways at many different times, whether by withstanding planes or bayonets

Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo