United States of America (USA) Permian Basin Oil and Gas Shale Market Analysis and Forecast to 2027

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US Permian Basin Oil and Gas Shale Market Overview

The Permian Basin crude oil and condensate production capacity was 4,226.9 mbd while the natural gas production capacity was 17,650.6 mmcfd in 2022. The Permian Basin, prominently located in the states of Texas and New Mexico is the largest oil-producing shale play in the US. It benefits from the dense network of oil and gas pipelines in the state as well as access to downstream infrastructure along the Gulf Coast.

The US Permian Basin oil and gas shale market report analyses the crude oil and natural gas appraisal and production activities in the Basin. It provides a comprehensive analysis of crude oil and natural gas historical production and outlook during 2022-27. The report also offers detailed information on the impact of well development, permits, and deals in the Permian Basin

Crude Oil and Condensate Production Capacity (2022) 4,226.9 Mbd
Natural Gas Production Capacity (2022) 17,650.6 Mmcfd
Key Counties (Crude Oil and Condensate Production) ·       Lea

·       Midland

·       Eddy

·       Martin

·       Howard

·       Loving

·       Glasscock

Key Counties (Natural Gas Production) ·       Reeves

·       Eddy

·       Lea

·       Midland

·       Loving

·       Culberson

Major Companies ·       Occidental Petroleum Corp

·       Chevron Corp

·       Exxon Mobil Corp

·       ConocoPhillips

·       Pioneer Natural Resources Co

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USA Permian Basin Crude Oil and Condensate Production Counties

The key counties in the USA Permian Basin crude oil and condensate production are Lea, Midland, Eddy, Martin, Howard, Loving, and Glasscock among others. Lea County in New Mexico was the largest producer of crude oil and condensates in the Permian Basin in 2022. Midland County from Texas and Eddy County from New Mexico stood second and third in terms of gross crude oil and condensate production in the Basin.

USA Permian Basin Crude Oil and Condensate Production Analysis by Counties, 2022 (%)

USA Permian Basin Crude Oil and Condensate Production Analysis by Counties, 2022 (%)

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USA Permian Basin Natural Gas Production Counties

The key counties in the USA Permian Basin natural gas production are Reeves, Eddy, Lea, Midland, Loving, and Culberson among others. Reeves county in Texas was the largest producer of natural gas in the Permian Basin in 2022. Eddy and Lea counties in New Mexico were the second and third largest producers of natural gas in the Basin.

USA Permian Basin Natural Gas Production Analysis by Counties, 2022 (%)

USA Permian Basin Natural Gas Production Analysis by Counties, 2022 (%)

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USA Permian Basin – Competitive Landscape

Some of the major companies in the USA Permian Basin are Occidental Petroleum Corp, Chevron Corp, Exxon Mobil Corp, ConocoPhillips, and Pioneer Natural Resources Co among others. Occidental Petroleum Corp has the highest leasehold in the Permian Basin. The company operates in the Permian Basin through two entities – Permian Resources and Permian EOR.

USA Permian Basin Companies Analysis by Net Acreage, 2023 (%)

USA Permian Basin Companies Analysis by Net Acreage, 2023 (%)

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Scope

  • The report analyses the crude oil and natural gas appraisal and production activities in the Permian Basin in the US.
  • Comprehensive analysis of crude oil and natural gas historical production and outlook during 2022-27.
  • Detailed information on the impact of well development, permits, and deals in the Permian Basin
  • In-depth information on well productivity and well completion parameters across the Permian Basin in the US.
  • Analysis of top companies’ net acreage, and planned capital expenditure in 2023.
  • Up-to-date information on major mergers and acquisitions across the Permian Basin between 2020 and 2023.

Reasons to Buy

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

Table of Contents

  • 1. Overview

    • 1.1. Permian Basin, Recent Developments and Trends

  • 2. Permian Basin, Introduction

    • 2.1. Permian Basin, Formation Overview

  • 3. Permian Basin, Production and Activity Overview

    • 3.1. Permian Basin, Production Analysis, 2020–2022

      • 3.1.1. Permian Basin, Gross Crude and Condensate Production by County, 2020–2022
      • 3.1.2. Permian Basin, Gross Natural Gas Production by County, 2020–2022

    • 3.2. Permian Basin, Production Outlook, 2023-2027

      • 3.2.1. Permian Basin, Production Outlook, 2022-2027

    • 3.3. Permian Basin, Drilling Activity, 2021-2023

      • 3.3.1. Permian Basin, Well Permits by County, Texas, 2021-2023
      • 3.3.2. Permian Basin, Well Permits by County, New Mexico, 2021-2023
      • 3.3.3. Permian Basin, Well Permits by Operator, Texas, 2021-2023
      • 3.3.4. Permian Basin, Well Permits by Operator, New Mexico, 2021-2023

    • 3.4. Permian Basin, Well Profile

      • 3.4.1. Permian Basin, Well Profile, Crude Oil Production
      • 3.4.2. Permian Basin, Well Profile, Natural Gas Production

  • 4. Permian Basin, Competitive Benchmarking

    • 4.1. Permian Basin, Major Companies with Prominent Presence, 2023

      • 4.1.1. Net Acreages of Major Companies, 2023
      • 4.1.2. Production of Major Companies, 2022

    • 4.2. Permian Basin, Capex of Major Companies, 2023

      • 4.2.1. Permian Basin, Planned Investments, 2022-2023

    • 4.3. Permian Basin, Operational Performance of Leading Operators
    • 4.4. Permian Basin, Cost Trends, 2023

      • 4.4.1. Permian Basin, Well Costs

    • 4.5. Permian Basin, Completion Parameters, 2021-2023

      • 4.5.1. Proppant Mass vs. Lateral Length
      • 4.5.2. Peak Total Production vs. Lateral Length
      • 4.5.3. Total EUR vs. Lateral Length

  • 5. Permian Basin, Associated Infrastructure

    • 5.1. Pipelines

  • 6. Permian Basin, Mergers & Acquisitions, 2020-2023

    • 6.1. Overview of M&A Activity
    • 6.2. Major Acquisitions, 2020–2023

  • 7. Permian Basin, Analysis of Major Companies, 2022

    • 7.1. Chevron Corp

      • 7.1.1. Chevron Corp, Key Operational Parameters, 2022

    • 7.2. ConocoPhillips

      • 7.2.1. ConocoPhillips, Key Operational Parameters, 2022

    • 7.3. Pioneer Natural Resources

      • 7.3.1. Pioneer Natural Resources, Key Operational Parameters, 2022

    • 7.4. Exxon Mobil Corp

      • 7.4.1. Exxon Mobil, Key Operational Parameters, 2022

    • 7.5. Occidental Petroleum Corp

      • 7.5.1. Occidental Petroleum Corp, Key Operational Parameters, 2022

    • 7.6. EOG Resources Inc

  • 8. EOG Resources Inc, Key Operational Parameters, 2022

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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