The Permian Basin is a major hotbed in the U.S. oil and gas industry, cranking out a whopping 5 million barrels of oil daily and 23 billion cubic feet of natural gas (NGX23) per day. Investors are flocking to opportunities in the resource-rich area, particularly after oil major Exxon Mobil (XOM) shelled out $60 billion to expand its Permian footprint via the purchase of Pioneer (PXD).
Plus, interest in energy stocks has been higher than usual lately, with oil futures (CLZ23) revisiting the $90 level late last week against a backdrop of production cuts and simmering geopolitical tensions in the Middle East.
