Energy Transfer CEO Has High Hopes for Texas Oil Growth

Counties located in the Permian Basin, map from  Railroad Commission of Texas

Counties located in the Permian Basin, map from Railroad Commission of Texas

Energy Transfer CEO Kelcy Warren has high hopes for the continued boom in the West Texas Permian Basin as it is creating opportunities for transporting more oil, natural gas, and natural gas liquids to markets.

The competitive basin has seen a big jump in oil rig count, helping the nation’s oil rig count hit its highest number this year, 481 rigs. Of those rigs, 189 of them are in the Permian Basin, which is about 48 percent of the nation’s oil rigs.

According to Bloomberg, Warren pointed out the competition thriving in the Permian Basin but also noted that Energy Transfer is getting its share.

Along with the Permian Basin success, Warren singled out the Marcellus and Utica gas plays as well as North Dakota’s Bakken region as being ripe areas for development.

Coinciding with the booming areas for growth, however, is an infrastructure that may possibly be overbuilt, according to Warren.

The national oil rig count is at a record high for this year but is still down 75 percent from its peak of 1,609 in October of 2014, according to Fuel Fix.

Source:
Bloomberg
Fuel Fix