Midland Chamber Hosts 7th Annual State of Oil and Gas
Vice President of XTO Corey Quarles and the CEO of Permian Strategic Partnership Tracee Bently held a Q&A.
The Midland Chamber of Commerce hosted the seventh annual State of Oil and Gas luncheon today to review some of the biggest topics throughout the industry heading into the new year, according to KOSA NEWS 7.
“The main thing I talked about was how important the Permian is. How important the Permian is to the Midland community, how important the Permian is to the United States for energy security, and also how important the Permian is to the world. Not only today but also into the future” said Corey Quarles, Vice President of XTO
During today’s State of Oil luncheon the main topic today was…oil. During the luncheon, Vice President of XTO Corey Quarles and the CEO of Permian Strategic Partnership Tracee Bently held a Q&A where they discussed setting records on barrels produced daily.
“Right after the pandemic in 2022 oil demand really got back up to pre-pandemic levels that were roughly 100 million barrels a day. Last year oil demand grew two million barrels a day and this year is expected to grow another two million barrels a day” said Quarles.
What that means for the United States will still be the largest producer of oil and the Permian will produce just under 50 percent of that oil daily.
“All of the growth in the United States which is roughly 20 percent of the world’s growth will be coming from right here from the Permian,” said Quarles
According to Corey the supply and demand for oil rely on two things. The first is the economy and the second by how big the population is going to be.
“The population is expected to grow to ten billion people and even more than that it’s gonna be the largest growth of the middle class in history and as such oil and gas are going to be needed not only today but also out to 2050,” said Quarles
And with there being a need for energy for quite some time Corey doesn’t see a shortage any time soon.
“Energy poverty there is poverty. And where there is energy abundance there is abundance and there is wealth. That’s where the growth is going to come from and that’s why there is going to be such a demand not only for energy but that supply will be coming from oil and gas” said Quarles.
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