The largest petroleum-producing basin in the U.S., by far, is the Permian Basin of Western Texas and Eastern New Mexico. The success story of oil companies operating in the Permian Basin is astounding!
In 1921, the first extremely shallow wells in the Permian Basin went into production and production has continued to the present. But, what changes over the years! The wells have steadily got deeper and every improvement in petroleum-drilling technology anywhere in the industry seems to have become magnified in the Permian.
The geology of the Permian Basin is extremely complex. Sort of a geologist's dream! Every type of petroleum structure is found there, and even though about 30 billion barrels of oil and 75 trillion cubic feet of natural gas have been produced over the years, enormous deposits of both oil and natural gas remain in place. As a matter-of-fact, the Permian Basin is rated by some experts as the world's second largest oil field in the world (next to Saudi Arabia's giant Ghawar oil field). The oil companies moving into the Permian basin are well aware of the highly favorable geology of the Permian Basin.
The Permian Basin is presently producing over 2,000,000 barrels of oil per day. Incredibly, oil companies can make money in the Permian Basin at oil prices as low as $30 per barrel!
The money that can be made in the Permian Basin has, predictably, drawn in most of the country's oil companies Several of these companies are reviewed in detail below.
An indication of how popular the Permian Basin has become is in the rig count. 40% (295 rigs) of the nation's total number of oil rigs are presently in the Permian Basin. This includes 70% of all Texas rigs.
Occidental Petroleum has a market cap of $52.7 billion and revenue of $13.2 billion. Occidental operated at a gross loss of $6.7 billion during the past year. The Occidental stock price was up about 3% during the past year.
OXY has over 2,400,000 acres in the Permian Basin under lease.
Chevron has about 2,000,000 acres under lease in the Permian Basin.
Chevron has a market cap of 113.9 billion and revenue of $103 billion. Chevron operated at a gross profit of 37.1 billion during the past year. The CVX stock price was up about 36.7% during the past year.
Apache has a market cap of $21.6 billion and revenue of $4.9 billion. The Apache stock price was up about 61.1% during the past year.
APA has about 1,700,000 acres under lease in the Permian Basin.
Exxon has a market cap of $355 billion and revenue of $47.1 billion. Exxon operated at a gross profit of $94 billion during the past year.
The XOM stock price was up about 12.2% during the past year.
Exxon's deep interest in the Permian Basin was shown in its recent $5 billion purchase of Bass Family oil properties in the Basin. Exxon has over 1,500,000 acres under lease in the Permian Basin
Concho has a market cap of $20.3 billion and revenue of $1.5 billion. Concho operated at a gross profit of $1.3 billion during the past year. The Concho stock price was up about 57.5% during the past year.
Concho has over 700,000 acres under lease in the Permian Basin.
All roads in the oil-producing industry now lead to the Permian Basin! Most oil companies are there and there appears to be enough oil and natural gas for all. The cost of extracting the oil and natural gas is much below that of other oil basins. The outstanding success of extracting massive amounts of petroleum products from the Permian Basin is a prime reason that arrival of the much-publicized Peak Oil has been indefinitely delayed.
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Last Updated: 03/20/17