Concho Resources CEO speaks about issues facing the energy industry in the Permian Basin

State of Oil and Gas in the Permian Basin

MIDLAND, TX (KWES) - According to Concho Resources Chairman and CEO Tim Leach, the oil and gas industry is facing unexpected problems during the boom that stem from the community.

At this year’s State of Oil and Gas luncheon, Leach spoke about how the energy industry can get involved with the problems caused by a rapidly growing population.

Schools, infrastructure and housing were named as areas stressed by population growth in the Midland-Odessa area.

Leach emphasized the impact these areas can have on the workforce for an industry in constant need of trained workers.

The Concho chairman and CEO expects the industry to remain volatile but predicts more growth in the Permian Basin by 2025.

Currently the Permian Basin produces around four million barrels of oil a day, experts say that number could rise to up to $6 million in six years. This would cause the percent of United States oil supply that comes from the Permian Basin to jump from 30 percent to 40 percent.

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