The Permian Basin: What is it Future

J. Michael Party

President Beryl Oil and Gas L.P.

The Permian Basin has been considered down and out before to only roar back stronger than ever. The tremendous resources contained within the Permian Basin must be considered before you can even start a discussion on the future of the basin. This is one of the world’s most prolific basins, a true Super Basin. It has produced right at 30 BILLION barrels of oil to date, and at its peak, earlier this year, was producing over 4 million barrels per day just from the shales, roughly 25% of all US production. The US Geological Survey projects technically recoverable reserves to be over 45 billion barrels of additional oil. Production trends provide many clues as to where the production in the basin could be heading. Variables such as price and cost will play a big part in future production, but access to capital will be the driver. As public companies are forced to generate free cash and private equality companies struggle to monetize assets for a profit, access to capital may be the major driver to future production growth.

Mr. Party is CEO/President of Beryl Oil and Gas, LP and a General Partner in Cardinal Resources, LLC and has been working in the Oil and Gas industry for 39 years. He graduated from the University of Missouri-Rolla in 1978 with a BS degree in Geology/Geophysics and was awarded an Honorary Professional Degree in 1994.He started his career with Cities Services working as a geophysicist he joined Wagner & Brown in 1981 serving as Exploration Manager for 9 years before joining Reliance Energy in November 2009. Mike served as Vice President of Exploration for Reliance Energy until Reliance Energy’s main assets were sold to Concho Resources in October, 2016. Mike is an active member of local, national, and international geological societies. Most notably, has served as the President of the Southwest Section of the AAPG, Secretary of AAPG, President of the Division of Professional Affairs within the AAPG and is a Past President of AAPG (2019-2020). He also served as President of the West Texas Geological Society and the Permian Basin Section of SEPM. Mike was awarded the Outstanding Young Alumni from the University of Missouri –Rolla and Honorary Life membership from both the West Texas Geological Society and the American Association of Petroleum Geologists. He is a Certified Geologist within the State of Texas and is a Certified Petroleum Geologist and Certified Petroleum Geophysicist by the American Association of Petroleum Geologists.