The Rise, Fall, and Rise Again of the San Juan Basin

The San Juan Basin, which extends 7,500 square miles across northwest N.M., and southwest Colo., bears a storied history of gas riches, disappointments, and recent revivals. Natural gas was first discovered here in 1921. By 2007, the San Juan was touted as the nation’s largest gas field with claims of 12.9 TCF of recoverable reserves. But after 10 years of decline and poor economics, the basin in 2017 saw a mass exodus of its largest players—ConocoPhillips, BP, and ExxonMobil—chasing Permian treasures. Enter the independents ready to snap up those assets. ...