The Midland Chamber of Commerce recently hosted its 8th Annual State of Oil and Gas Luncheon, where industry experts discussed current trends, challenges, and opportunities in the sector.
The event provided a platform to explore topics such as sustainability, market trends, and the ongoing changes in the oil and gas industry and their broader impact.
The oil and gas industry is vital to both the local and global economy. As the Permian Basin’s future evolves, key factors like technological advancements, environmental concerns, and a growing production of oil and gas will shape the region’s progress.
Evan Thomas, President and CEO of the Midland Chamber of Commerce, highlighted the importance of education, community, and investment in maintaining the region’s growth. “Education, community, investment. All of those things are contributing to being able to continue what we’re doing out here,” Thomas said.
As Midland’s oil and gas production grew, the city’s infrastructure was initially a barrier to further expansion. However, with the development of hotels, restaurants, and other services, Midland is now equipped to support its continued growth.
Diamondback Energy‘s President and CFO emphasized the importance of balancing environmental and social growth. “If you have a growing oil and gas sector in Midland, in the Permian Basin, then that’s what’s going to dictate whether or not you see growth across the board,” he said. “It’s essential to diversify and grow all sectors within the community.”
The luncheon brought together 750 professionals from the oil and gas industry, policymakers, and local stakeholders. The oil and gas sector remains Midland’s primary economic driver, and its growth is expected to stimulate further development across the region. By 2025, the Permian Basin will account for 47% of U.S. oil production, 6% of global oil production, and 21% of U.S. natural gas production.
Thomas concluded, “That’s why this event is so important. It’s great to be able to provide a venue for people to hear conversations like this and get some information that they might not otherwise hear.”
The Midland Chamber of Commerce continues to focus on fostering economic growth and supporting the development of the local community.
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