Permian Basin Powers U.S. Oil Growth Since 2020
Since 2020, the United States has added 1.9 million barrels per day (b/d) of crude oil and lease condensate production, but nearly all of that growth came from just ten counties in the Permian Basin. These ten counties alone accounted for a staggering 93% of total U.S. production growth, highlighting the region’s dominant role in American energy output.
According to the U.S. Energy Information Administration (EIA), between 2020 and 2024, U.S. oil output surged thanks largely to counties located in the Permian Basin, a massive geologic formation that spans 66 counties across Texas and New Mexico.
- Lea and Eddy counties in New Mexico contributed nearly 1.0 million b/d, or 52% of U.S. production growth.
- Martin and Midland counties in Texas added another 0.40 million b/d (21%).
- Six more Texas counties, Andrews, Glasscock, Howard, Loving, Reagan, and Ward, combined for 0.36 million b/d of growth (19%).
Together, these counties added 1.76 million b/d, far outpacing the rest of the country, where production increased by only 130,000 b/d across all other regions, including offshore areas.
By 2024, average crude oil and condensate production from these ten counties reached 4.8 million b/d, making up 37% of total U.S. production. This level of concentration underscores the role of the Permian Basin in maintaining and growing domestic supply.
This article is part of Daily Market News & Insights
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