The Permian Basin in West Texas has been exploding with activity recently. It seems that every month or two there is a new Permian Basin E&P company completing their IPO. The latest was Parsley Energy (NYSE:PE) which happened at the end of May. To validate this claim, you can see from the chart below courtesy of Pioneer (NYSE:PXD) that the Permian has attracted significant growth in the number of horizontal rigs while it appears that the Eagle Ford and Bakken plays are leveling out.
(click to enlarge)
The Permian Basin may have been late to the party but it is quickly catching up. In fact, EOG Resources (NYSE:EOG), the king of horizontal oil plays,...
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