Permian Basin in the United States (US) – Oil and Gas Shale Market Analysis and Forecast to 2028

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Published: July 05, 2024 Report Code: GDGE0466MAR-ST

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Reasons to buy the ‘Permian Basin in the US Oil and Gas Shale’ market analysis report:

  • Develop business strategies with the help of specific oil and gas shale industry insights into the Permian Basin in the US.
  • Plan your strategies based on economic viability and expected developments in the Permian Basin.
  • Stay informed of the latest M&A activity across the Permian Basin.
  • Identify opportunities and challenges across the Permian Basin.

How is our ‘Permian Basin in the US Oil and Gas Shale’ report unique from other reports in the market?

  • Analyze the crude oil and natural gas appraisal and production activities in the Permian Basin in the US.
  • Get a comprehensive crude oil and natural gas historical production outlook during 2024-2028.
  • Obtain detailed information on the impact of well development, permits, and deals in the Permian Basin.
  • Gain in-depth insights into oil-well productivity and completion parameters across the Permian Basin in the US.
  • Examine the net acreage and planned capital expenditure of top companies in 2024.
  • Get the latest information on major mergers and acquisitions across the Permian Basin between 2021 and 2024.

We recommend this valuable source of information to anyone involved in:

  • ​​​​Oil and Gas Companies/Start-ups with an Interest in the O&G Sector
  • Contractors/Engineers
  • Equipment/Materials Suppliers
  • Service Providers/Technology Suppliers
  • Upstream O&G Value Chain and Stakeholders
  • C-suite Executives/Business Strategists or BD Team Leads of O&G and Energy Transition Companies
  • Investment Banks/Consultants

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Permian Basin Oil and Gas Shale Market Overview

The crude oil production and natural gas production in the Permian Basin were 5,790 thousand barrels of oil per day (mbd) and 19,315 million cubic feet per day (mmcfd), respectively in 2023. The growth was attributed to the strong global demand for fossil fuels in 2023. Looking ahead, the steady demand for hydrocarbons around the world will aid the crude oil and natural gas production in the Permian Basin to record a CAGR of more than 4% and more than 6%, respectively, between 2024 and 2028.

The Permian Basin is a hydrocarbon-rich formation situated in West Texas and the adjacent region of Southeast New Mexico in the US. It is the largest oil-producing shale play in the US benefitting from the dense network of oil and gas pipelines in the state as well as access to downstream infrastructure along the Gulf Coast.

Permian Basin Crude Oil Production Outlook 2023-2028 (mbd)
Permian Basin Crude Oil Production Outlook 2023-2028 (mbd)Buy the Full Report for More Insights on the Permian Basin Crude Oil Production Forecast, Download a Free Sample Report

The Permian Basin oil and gas shale market research report offers a detailed formation overview, recent developments, and trends impacting the Permian Basin rig in the US. The report provides valuable insights into the crude oil and natural gas production outlook, drilling activities, and well profiles. A list of major companies with their in-depth profiles and competitive benchmarking is also covered in this report.

Permian Basin Natural Gas Production Outlook 2023-2028 (mmcfd)
Permian Basin Natural Gas Production Outlook 2023-2028 (mmcfd)Buy the Full Report for More Insights on the Permian Basin Natural Gas Production Forecast, Download a Free Sample Report

Market Size (Crude Oil and Natural Gas – 2023) 5,790 mbd and 19,315 mmcfd
CAGR (Crude Oil and Natural Gas – (2024-2028)) >4% and >6%
Key Counties (Crude Oil and Condensate Production) ·       Lea

·       Eddy

·       Martin

·       Reeves

·       Midland
Key Counties (Natural Gas Production) ·       Eddy

·       Lea

·       Reeves

·       Midland

·       Loving
Major Companies by Production (Crude Oil and Natural Gas) ·       Pioneer Natural Resources Co

·       ConocoPhillips

·       Chevron Corp

·       EOG Resources Inc

·       Diamondback Energy Inc
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Permian Basin Crude Oil and Condensate Production by Key Counties

The key counties producing crude oil and condensates in the Permian Basin are Lea, Eddy, Martin, Reeves, and Midland among others. In 2023, Lea County in New Mexico was the largest producer of crude oil and condensates in the Permian Basin. Eddy County from New Mexico and Martin County from Texas stood second and third in terms of gross crude oil and condensate production in the Basin during 2023.

Permian Basin Crude Oil and Condensate Production Analysis by Key Counties, 2023 (%)
Permian Basin Crude Oil and Condensate Production Analysis by Key Counties, 2023 (%)Buy the Full Report for More Insights on the Key Counties Producing Crude Oil and Condensates in the Permian Basin, Download a Free Sample Report

Permian Basin Natural Gas Production by Key Counties

The key counties producing natural gas in the Permian Basin are Eddy, Lea, Reeves, Midland, and Loving among others. In 2023, Eddy County in New Mexico was the largest producer of natural gas in the Permian Basin. The county remains a key hot spot for major producers, such as Exxon Mobil, Devon Energy, and Occidental Petroleum. Lea County in New Mexico and Eddy County in Texas were the second and third-largest producers of natural gas in the Basin.

Permian Basin Natural Gas Production Analysis by Key Counties, 2023 (%)
Permian Basin Natural Gas Production Analysis by Key Counties, 2023 (%)Buy the Full Report for More Insights on the Key Counties Producing Natural Gas in the Permian Basin, Download a Free Sample Report

Permian Basin Crude Oil and Natural Gas Production Market – Competitive Landscape

Pioneer Natural Resources was the top crude oil producer and Chevron led the natural gas production in 2023

A few of the top crude oil and natural gas producers in the Permian Basin are:

  • Pioneer Natural Resources Co
  • ConocoPhillips
  • Chevron Corp
  • EOG Resources Inc
  • Diamondback Energy Inc

ConocoPhillips, EOG Resources Inc., and Diamondback Energy Inc. are other oil and gas companies that garnered significant crude oil and natural gas production share in 2023. Owing to the promising energy demand outlook, the competitive landscape in the Permian Basin has seen a wave of consolidation with several high-value deals transpiring in 2023. This trend has continued so far even in 2024. The consolidations taking place through M&A activity are set to strengthen the production in the Permian Basin in the long term.

Major Crude Oil and Natural Gas Producers in Permian Basin, 2023
Major Crude Oil and Natural Gas Producers in Permian Basin, 2023Buy the Full Report for More Insights into the Leading Crude Oil and Natural Gas Producers in the Permian Basin, Download a Free Sample Report

Permian Basin Crude Oil and Natural Gas Production – Latest Developments

  • In May 2024, ConocoPhillips announced the acquisition of Marathon Oil for a purchase consideration of $22.5 billion. The deal is expected to be closed by December 2024.
  • Occidental’s announcement of the $12.0 billion acquisition of CrownRock in December 2023, and Chevron’s announcement of the $7.6 billion acquisition of PDC Energy in May 2023, were the other high-value deals in the Permian Basin shale play in 2023.

Buy the Full Report for More Insights into the Latest Developments of the Permian Basin Crude Oil and Natural Gas Production Market, Download a Free Sample Report

Table of Contents

01. Permian Basin, Recent Developments and Trends

Key Highlights

Permian Basin Shale Oil and Gas Production

Permian Basin Rig Count

02. Permian Basin, Formation Overview

Permian Basin, Introduction

03. Permian Basin, Production and Activity Overview

Permian Basin, Production Analysis, Crude Oil, 2021–2023

Permian Basin, Production Analysis, Natural Gas, 2021–2023

Permian Basin, Production Outlook to 2028

Permian Basin, Drilling Activity, 2023-2024

Permian Basin, Well Profile

04. Permian Basin, Competitive Benchmarking

Permian Basin, Major Companies with Prominent Presence, 2024

Permian Basin, Major Companies by Production, 2023

Permian Basin, Capex of Major Companies, 2024

Permian Basin, Operational Performance of Leading Operators, 2024

Permian Basin, Cost Trends, 2024

Permian Basin, Completion Parameters, 2021-2024

Permian Basin, Associated Infrastructure – Pipelines

05. Permian Basin, Mergers & Acquisitions

Overview of M&A Activity

Permian Basin, Major Acquisitions

06. Permian Basin, Analysis of Major Companies, 2023

Occidental Petroleum Corp

Exxon Mobil Corp

Chevron Corp

ConocoPhillips

APA Corp

Diamondback Energy Inc

Devon Energy Corp

Permian Resources Corp

EOG Resources Inc

Coterra Energy Inc

07. Appendix

Abbreviations and Definitions

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Table

Table 1: Permian Basin, crude oil and natural gas production, 2020-2022 10

Table 2: Permian Basin, net acreage by company, 2023* 19

Table 3: Production of major companies, 2022 21

Table 4: Permian Basin, planned capital expenditure by major companies, 2022-2023 ($M) * 22

Table 5: Permian Basin, operational performance of leading operators 23

Table 6: Permian Basin, major pipelines, 2023 31

Table 7: Permian Basin, major deals by Oil and Gas Companies, 2021-2023 37

Table 8: Chevron Corp, key operational parameters, 2022 39

Table 9: ConocoPhillips, key operational parameters, 2022 40

Table 10: Pioneer Natural Resources, key operational parameters, 2022 41

Table 11: Exxon Mobil, key operational parameters, 2022 42

Table 12: Occidental Petroleum Corp, key operational parameters, 2022 43

Table 13: EOG Resources Inc, key operational parameters, 2022 44

Table 14: Devon Energy Corp, key operational parameters, 2022 45

Table 15: Diamondback Energy Inc, key operational parameters, 2022 46

Table 16: Coterra Energy Inc, key operational parameters, 2022 47

Table 17: Apache Corp, key operational parameters, 2022 48

Figures

Figure 1: Total Production in Permian Basin, 2019-2023 7

Figure 2: Rig count in Permian Basin, and West Texas Intermediate (WTI) futures prices, 2021-2023 8

Figure 3: Expanse of the Permian Basin 9

Figure 4: Permian Basin, crude oil and condensate production by county (mbd), 2020-2022 10

Figure 5: Permian Basin, natural gas production by county (mmcfd), 2020-2022 11

Figure 6: Permian Basin, production outlook, 2022 – 2027 12

Figure 7: Permian Basin, number of well permits by county, Texas, January 2021 to May 2023 13

Figure 8: Permian Basin, number of well permits by county, New Mexico, January 2021 to May 2023 14

Figure 9: Permian Basin, number of well permits by operator, Texas, January 2021 to May 2023 15

Figure 10: Permian Basin, number of well permits by operator, New Mexico, January 2021 to May 2023 16

Figure 11: Permian Basin, well profile for crude oil production 17

Figure 12: Permian Basin, well profile for natural gas production 18

Figure 13: Permian Basin, major companies by well costs ($M), July 2023 25

Figure 14: Permian Basin, proppant mass (million lbs.) vs lateral length (ft) 26

Figure 15: Permian Basin, average peak crude oil production vs lateral length (ft) quartile 27

Figure 16: Permian Basin, peak total production vs lateral length, Jan 2021-Apr 2023 28

Figure 17: Permian Basin, total EUR vs lateral length, 2021- April 2023 29

Figure 18: Permian Basin, major active crude oil and natural gas pipelines by capacity, June 2023 30

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