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Texas oil patch gears up for more growth and spending with the Permian leading the way

 

What a difference a few years make in the Texas oil patch.

Oil and gas production keeps growing, the sector has been adding jobs at a torrid pace, and most companies have been investing more.

In a December survey by Federal Reserve Bank of Dallas, almost two-thirds of oil and gas executives reported an increase in capital spending compared with a year earlier — and almost two-thirds expect to increase spending in 2023.

“Like it or not, oil and gas is here to stay for a very long time,” an executive from an exploration and production firm told the Dallas Fed. “Our request is simple: Get out of our way and we will deliver cheap energy.”

For the 12 months ending in October, crude oil production rose 7% in the U.S., reaching 12.38 million barrels daily. Texas’ daily production hit almost 5.2 million barrels in October, up 4.6%.

Those volumes are just shy of the record set in late 2019, shortly before the pandemic arrived. But in 2023, U.S. production is projected to edge higher and set a new high, driven by the Permian Basin region in West Texas. The Permian is expected to increase output by 440,000 barrels a day, according to the U.S. Energy Information Administration.

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Published on 1/20/2023 (11 days ago) Oil/Gas