Traditional & Alternative Energy

Industry Overview

Since the early days of petroleum exploration in Texas, the Permian Basin has produced the lion’s share of crude oil and associated energy revenues that have provided for substantial investment in this state. The Permian Basin covers an area approx. 250 miles wide and 300 miles long made up of various formations such as the Yates, San Andres, Clear Fork, Spraberry, Wolfcamp, Yeso, Bone Spring, Avalon, Canyon, Morrow, Devonian, Ellenberger, and the most recent Cline Shale..

 “Over the past two years, U.S. oil production has grown by 1.5 million barrels a day, or 27%. Most of the increase—970,000 barrels a day—is coming from Texas.”

– Wall Street Journal, U.S. News (April 2013)

Highlights

  • Oil and Gas Production
  • Permian Basin
    • 60% of Texas crude production
    • 16% of U.S. crude production
    • 17% of Texas and U.S. gas production
    • 50% of active rigs in Texas
    • 25% of active rigs in the nation
  • Wind energy
    • Midland partnered with Texas Tech University System with start-up funds for the formation of the National Institute for Renewable Energy (NIRE), an independent public-private collaboration that works to solve key scientific and technology challenges facing the wind power industry.
    • Recently, the Permian Basin became the leader of our state and nation in wind and solar energy development. In fact, with over eleven electric generation plants producing over 3100 megawatts, and we are committed to staying on top of future energy production with eleven wind power farms already producing nearly 1000 megawatts. With additional wind power projects underway, the Permian Basin to will expand our wind power generation to over 3400 megawatts.
  • Solar Power Generation and Manufacturing
    • Midland's abundant days of sunshine annually and large amounts of unused acreage make it an attractive place for solar power generation.  Add in a skilled workforce with a history in energy production you have a location that is prime for solar product manufacturing.

Key Companies

  • Apache Corporation
  • Basic Energy Services
  • Baker Hughes
  • Chevron Corporation
  • Clayton Williams Energy
  • Concho Resources
  • Dawson Geophysical Company
  • EOG Resources, Inc.
  • Kinder Morgan Production
  • Occidental Petroleum
  • Pioneer Natural Resources
  • Schlumberger                
  • Weatherford International