Brent Embraces Midland
June 7, 2023
Article by Julie
Say what!? Yes, the formula for calculation of Brent prices – for the first time – incorporates a factor based on U.S.-produced oil. Not just any oil, but it’s Midland price points – see recent Wall Street Journal article here. That’s not WTI. If that’s not an endorsement of the importance of the Permian Basin, then what is!?
That’s why in 2017 First Keystone set up shop in the up-and-coming western section of the Permian to bolster the supply of high-grade industrial buildings for sale or lease in Pecos, Texas. Of course, Midland has for generations been a major center of oil & gas service activity, but Pecos – a relative “newcomer” — must grow into a major satellite of the Midland-dominated Permian since roughly half of all drilling in the Permian now actually occurs out in the Delaware Basin sector where Pecos is THE Hub.
The opinions expressed above reflect only those of the author and do not represent those of the First Keystone Pecos Industrial Park organization. First Keystone welcomes responsible fact-based discourses on these topics.