110,000 new wells coming to the Permian Basin

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MIDLAND -- It’s a billion dollar business and it also happens to be the epicenter of the Permian Basin – the oil and gas industry.

Take, for example, the three largest oil and gas employers in West Texas, Pioneer Natural Resources, Oxy and Diamondback Energy.

When the net worth of all three are combined, it makes up a total of $115 billion. These three companies alone are worth half as much as global retail giant Walmart.

Oil giants came together to discuss the state of oil and gas on Tuesday in Midland and they all agree that the boom and bust cycle days in the Permian Basin are over. The new mindset is all about continuous growth. In fact, over the next several years, 110,000 wells will be drilled in the Permian Basin.

“We have to make the Permian Basin a place where we can bring these people, they can bring their families – they can be educated,”
Pioneer Natural Resources President and CEO Tim Dove said.

The discussion included oil giants pointing to needs in the community based on rapid development in the industry.

“Education, affordable housing, the medical care that’s required, even recreational needs. I personally feel there’s no reason why the Midland school system shouldn’t be one of the top in the state of Texas,” Dove said.