Permian Basin Continues To Have Hottest Oil Land In U.S.
For a couple years now, West Texas' Permian Basin has had the hottest oil land in the U.S. And that's not showing any signs of stopping.
More and more companies continue to buy in. Just last week PDC Energy, based in Denver, bought 57,000 acres for $1.5 billion. That comes out to about $21,000 per undeveloped acre.
This year, in the lower 48, companies have spent $27 billion on things from oil exploration, to mergers and acquisitions. Of that $27 billion, almost half has gone to assets in the Permian Basin.
There are a whole lot of numbers that are included in the article linked above, and I'm not just going to repeat them, but from what I can see, the numbers look good for the oil industry in West Texas. Especially since today we talked about Texas having some of the lowest gas prices in the country. And while most people like low gas prices, they aren't good for the oil industry. Duh. But according to this article, things are certainly looking up for the Permian Basin oil industry.