The Permian Basin in West Texas and Southeast New Mexico has more to give according to experts and Oklahoma City’s Devon Energy is right in the middle of it.
The company’s recent earnings report in which it announced the completion of the two highest-rated wells in the Delaware part of the Permian in its 100 year history is being used as an example of why there is much more oil in the play than experts originally expected.
Devon’s two big wells helped to a 20 percent production increase in the quarter.
The massive field already produces 3.2 million barrels a day, far more than Kuwait.
As the Dallas Morning News recently reported, new well designs are helping companies produce even more oil.