The 750,000-square mile Permian Basin extends across West Texas from just south of Odessa and Midland upward toward Lubbock and into the southeastern portion of New Mexico. First drilled in 1921, the Permian Basin is one of the most historically prolific areas in the United States and has accounted for roughly 20% of the nation’s hydrocarbon output.
Phillips Energy has been very active in buying mineral rights in the Permian Basin since our inception. 70% of our first fund’s assets were located here, and, since then, we purchased an additional 16,000 acres in 15 Permian counties in our second portfolio. We continue to leverage our extensive experience and industry relationships in the area in order to remain abreast of recent developments and allow us to make competitive offers for future Permian Basin acquisitions.