Don’t tell Occidental the Permian has reached peak production.
Or the EIA. Or ConocoPhillips for that matter.
Crude oil volumes are expected to hit a record high this month at a whopping 5.62 MMBPD. And for the nation’s third largest oil and gas producer, the Permian is one asset that just keeps getting better.
Reese Energy Consulting today is following the latest news from Houston-based ConocoPhillips, which has released a 10-year development plan highlighting its North America operations and three key regions that include Canada, Alaska (where Conoco is the state’s largest producer), and the Permian, where Conoco sees the Delaware as a growth machine.
The company entered the Permian back in 2012, just as fracking triggered an oil boom and prices skyrocketed to $110 per barrel. Two years later, the boom went bust and when prices hit their lowest point, ConocoPhillips ceased its Permian operations altogether, not to return until 2017. Then, two major acquisitions in 2021 for a combined $19.2 billion air lifted the company to Permian prominence. Conoco now holds 910,000 acres in the Delaware and Midland, where it expects to grow production 7% every year through 2032. 4Q production there averaged 671 MBOED, and Conoco is betting there’s a lot more where that came from. Learn more about REC and our Permian expertise at www.ReeseEnergyConsulting.com.