Permian Basin Set for Continued Growth Through 2030
The Permian Basin in West Texas and New Mexico has been a hotbed of oil production for years, producing roughly 48% of total U.S. crude output at an average rate of 6.6 million barrels per day in 2025.
However, as the industry looks ahead to 2030, concerns about inventory levels and infrastructure requirements are on the rise.
According to Enverus, there are still approximately 55,000 drilling locations in the Permian Basin that are economic below $50 per barrel, a figure that has increased by 10% since last year's estimate.
But what's driving this growth is not just new discoveries, but rather advances in technology that allow for more efficient extraction of oil from existing wells.
ExxonMobil, for example, expects to double its Permian production by 2030 compared to 2024 levels, targeting around 2.5 million barrels of oil equivalent per day.