Permian Basin energy partnership turns $93M investment into $950M in community support

Since its founding in 2019, the Permian Strategic Partnership (PSP), a first-of-its-kind collaboration of a 17 energy companies operating in the Permian Basin, reportedly turned $93 million in philanthropic investment by its members into $950 million in community support, according to PSP’s recently released annual report for 2021.

PSP consists of Apache, BPX Energy, Chevron, ConocoPhillips, Colgate Energy, Coterra Energy, Devon Energy, Diamondback Energy, Endeavor Energy Resources, EOG Resources, ExxonMobil, Halliburton, Occidental Petroleum, Ovintiv, Pioneer Natural Resources, Plains All American, and Schlumberger.

The companies joined forces to work with leaders of the region’s communities to address “current and future challenges to the responsible development of the vast oil and natural gas resources of the Permian Basin in the states of New Mexico and Texas,” PSP stated.

In 2021, PSP reports providing just over $34 million in education investments benefiting over 100,000 students; $41 million in healthcare investment to improve access to the region’s two million residents; and $14.7 million to train the region’s workforce of about 800,000.

Initiatives last year included a robust COVID-19 vaccine media campaign, a $1.9 million initiative with the University of Texas Permian Basin to train STEM teachers, and more than $6 million in infrastructure projects, according to Tracee Bentley, president and CEO of the PSP.

Also provided were $1.1 million to purchase 158 emergency equipment kits to first responders in 22 counties, and $100,000 to fund a new fire department and training facility to help the Northeast Midland Volunteer Fire Department meet the needs of an expanded service area.

“As global events create intense pressure on energy companies, PSP members have remained committed to a new model for serving their communities in important areas like access to healthcare, education and workforce development, and infrastructure,” said Don Evans, PSP chairman and former U.S. Commerce Secretary during the George W. Bush administration. “Thanks to their investments, PSP serves as the bridge between community resources and critical needs.

Evans added that he hopes PSP “can serve as a model for other public partnerships across the country and clearly demonstrate how domestic energy supports our nation’s communities.”

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PSP 2021 Investments (source)