二叠纪盆地的十字路口：天然气如何驱动新一轮投资周期 The Permian Basin at a Crossroads How Gas Could Drive the Next Investment Cycle.pdfVIP

PART1

THEPERMIANBASINATACROSSROADS:

HowGasCouldDrivethe

NextInvestmentCycle

EASTDALEYANALYTICSOUTLOOK

ThePermian’sCentralRoleinU.S.Energy

ThePermianBasinisAmerica’senergybreadbasket.ThevasthydrocarbonregionspanningWest

TexasandsoutheasternNewMexicosuppliesabout50%ofUScrudeandNGLproductionand

nearly20%oftheproducednaturalgas.Atanytime,abouthalfoftherigsdrillingintheLower48

aretargetingbenchesinthebasin.WheredevelopmenttrendsinthePermian,sogoestheUSoil

andgasindustry.

CrudehaslongbeenthefocusofPermianoperators,pushingthebasin’soilproduc-

tionto6.7MMb/din2Q25.Associatednaturalgas,abyproductofoildrilling,hasrep-

resentedasmallshareofrevenuesforproducerseveninthebestoftimes.Indiffi-

cultperiods,whenpipelinesexitingthebasinarerunningfull,naturalgascanbean

operationalnuisance;gaspricesinthePermianattimeshavefallenbelowzero,prompt-

ingsomeoperatorstotemporarilyflaretokeepcrudeoilflowingfromwells.

AMarketTurningPointforNaturalGas

Despitethishistoricalpipelines,toachievethistransformation.

Attimes,legacy,changes

areafootinenergyRecentgeopoliticalvolatilityhasprompted

PermiangasmarketsthatarePermianproducerstopullback,collectively

priceshavelikelytoalterthereducingtheirCapexguidancebynearly$2B

fallenbelowdynamicinthesincethestartof2025.Oilfuturesfellsharply

Permian.Intheyearsafter“LiberationDay”onApril2,whentheTrump

zero,forcingahead,EastDaleyadministrationannouncedsweepingtariffson

operatorstoAnalyticsanticipatesUStradingpartners.