The West Texas region was a powerful force that helped shape the oil and gas boom in the United States. Many of the first discoveries here helped spark the fire that helped Texas become the oil juggernaut that it is today. The first discoveries of oil in the area occurred in the 1920’s, but the first significant oil discovery happened at the Duggan Field located in Cochran County in 1936. With the word of oil in the area, wells started springing up all over the region. With oil plays such as the Permian Basin and Cline Shale, West Texas is a great place to research for an oil investment portfolio.
Formations in the West Texas
The Permian Basin stretches over an area of 300 miles long and 250 miles wide. It was first commercially pumped in 1921 in the Cities of Odessa and Midland. The oil produced in this area caused these towns to explode in population. Today, it produces over 300 million barrels of oil a year since 1993, which comes to over one million barrels of oil recovered a day.
The Cline Shale
The Cline Shale covers an area of over 1 million acres and is located in over a dozen counties. These counties include Scurry, Fisher, Howard, Mitchell, Nolan, Borden, Glasscock, Sterling, Coke, Reagan, Irion and Tom Green. With over 250 rigs currently active as of 2014 and the majority of new wells being drilled are currently horizontal, The Cline Shale companies could have a very profitable future in the area.
Top Oil Companies in West Texas
With millions of barrels of oil a day up for grabs, some of the top oil operators in the United States are in West Texas. These include Endeavor Energy Resources LP, Energen Resources Corp, Oxy USA WTP LP, Chevron USA Inc, COG Operating LLC, XTO Energy Inc. Kinder Morgan, Apache Corp, Pioneer Natural Res. USA, and Occidental Permian Ltd.
As with most of Texas, the introduction of horizontal drilling methods and hydraulic fracturing has caused a second oil boom in the region. Although vertical and directional wells are still in use, These newer, modern, and more efficient drilling methods are mainly used today and have helped keep West Texas a serious contender for your oil investing strategy
If you are interested in oil and gas investing in West Texas, download our free insider’s guide and legit meter to get a better look at what information you need to make a more sound investment. Although investing almost always comes with risk, our guides and information pages will help you reduce the risk where possible by knowing what to look for in a company and region before investing.
- The King Ranch that is located in Texas is larger than Rhode Island
- The word “Texas” comes from the Native American word “Tejas” that means allies or friends
- .The Official state mammal is the armadillo
- Dr Pepper was invented in Waco, Texas.
- Texas makes up 7.4% of the United States total area.