National

Former US Commerce Secretary To Lead Partnership Helping Permian Basin Residents

Permian Strategic Partnership

Permian Strategic PartnershipReuters –Former U.S. Commerce Secretary and energy executive Don Evans will chair a partnership of oil and gas firms that have pledged $100 million toward easing the civic strain of the shale oil and gas boom in West Texas and New Mexico, the group said Jan. 17.

The Permian Strategic Partnership was formed late last year to ease the strain on health care, education, housing and the workforce created by companies flocking to the Permian Basin. Its 19 members include Exxon Mobil Corp. (NYSE: XOM), ConocoPhillips Co. (NYSE: COP), Occidental Petroleum Corp. (NYSE: OXY), Pioneer Natural Resources Co. (NYSE: PXD) and Royal Dutch Shell Plc (NYSE: RDS.A).

The nation’s largest oil field is expected to pump 3.8 million barrels of oil per day this month, according to the U.S. Energy Information Administration.

Evans, who started his career working on a rig for Tom Brown Inc. and eventually became its CEO, served as commerce secretary during the administration of former President George W. Bush. He is a longtime resident of Midland, Texas, where the organization will be based.

Restaurants, local governments and other employers in the area have come under pressure with staff leaving for oilfield jobs. Midland’s unemployment rate was 2.1% in October, compared to the nation’s 3.7% rate.

The last decade’s shale boom has led to school overcrowding, soaring traffic fatalities, drug abuse and strains on the power grid.

The region needs more pediatricians, better schools and affordable housing to attract families, Evans said. While oil and gas workers can afford rising rents, “it’s the teachers and nurses and other support services that you need in any community that it’s tough on,” he added.

The partnership has started holding community meetings in the region and is still recruiting staff. It has no timetable or plan yet on how to spend the initial $100 million contribution, though Evans said the group is set up to receive and consider grant applications.

Comments

The crossroads of energy information for minerals owners in Oklahoma. Where you can: See recent prices of mineral and lease transactions. Receive an offer to lease or buy your minerals.

Find relevant news stories on the most active areas, including the Scoop and Stack Plays.

Data Powered by Oseberg

Today’s E&P world is rapidly shifting towards data-driven decision making, but those decisions are only as good as the data behind them. Access Oseberg's deep, accurate, and detailed pool of insight-rich industry data with our powerful analytical and search tools and get the clearest picture of what's happening as soon as it happens.

Disclaimer

This web site is maintained solely for the personal use of our visitors. Although we at Oklahoma Minerals have made all reasonable efforts to provide accurate information, we cannot guarantee the completeness, timeliness or accuracy of the information contained herein. Nothing in this web site contains investment advice. Any decisions based upon the information contained in this web site are the sole responsibility of the user.

Copyright © 2020 OklahomaMinerals.com

To Top
Show Buttons
Hide Buttons
Bloomberg: Daily Updates on COVID-19Details
+