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EPIC Midstream Works to Move Crude Out of Permian
Industry Segment: Pipelines | Word Count: 776 Words
SUGAR LAND--May 16, 2019--Researched by Industrial Info Resources (Sugar Land, Texas)--The Permian Basin of Texas and New Mexico is the most prolific oil-producing region in the U.S. According the U.S. Energy Information Administration's latest Drilling Productivity Report, the Permian region is on track to produce 4.12 million barrels per day (BBL/d) in May, which is set to further increase in June. However, there's a catch to all of this production: a lack of takeaway capacity, which has pushed down the price of the region's oil. Jesus Davis, Industrial Info's vice president of research for Oil & Gas, said, "Permian producers are holding their breath for pipelines to start up. Midland crude is currently trading at a discount because of a lack of pipelines. We're going to see two come online fairly soon that will help narrow this discount." Among those constructing Permian pipelines is EPIC Midstream Holdings LP (San Antonio, Texas).
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