Permian Strategic Partnership invests $125M in quality of life improvements over four years
The Permian Strategic Partnership (PSP), a coalition of 20 energy companies, invested $125 million into initiatives aiming to improve quality of life in the Permian Basin from its inception in 2019 through the end of 2022, according to the organization’s newly-released annual report.
And more significant investments are on the way. While the booming oil and gas industry has resulted in remarkable growth and prosperity in the Permian Basin, it has also presented challenges, according to Don Evans, chairman of PSP and former U.S. Commerce Secretary during the George W. Bush administration. The PSP invests in initiatives aiming to address critical regional needs, from education to access to healthcare and roadway safety, to name a few.
From 1999 to 2022, the coalition of 20 energy companies invested over $47 million in local education to support thousands of students, over $52 million in healthcare to strengthen access for the region’s two million residents, and nearly $14 million in workforce development to train and upskill the region’s workforce. The organization said the $125 million in philanthropic investments committed over four years generated over $1 billion in community support and collaborative investments. Investments were also made in road safety and equipment for first responders.
“As energy security remains an ongoing global concern, the Permian Basin has proven essential in meeting the world’s energy requirements,” Evans said. “We must continue to invest in our region, ensuring its readiness to fulfill the demands of the global energy landscape.”
PSP President and CEO Tracee Bentley called 2022 “yet another year of tremendous progress,” both for the Permian Basin and the PSP.
“By directing investments into education, workforce development, healthcare and road safety, we are fortifying our communities and enhancing the quality of life for everyone that calls the Permian Basin home,” Bentley said. “Through our continued efforts, our unwavering commitment and the steadfast support of our members, we have set a high bar for public-private collaboration and have laid a strong foundation to surpass it in 2023.”
PSP member companies include Apache, BPX Energy, Chevron, ConocoPhillips, Coterra Energy, Devon Energy, Diamondback Energy, Endeavor Energy Resources, EOG Resources, ExxonMobil, Halliburton, Helmerich & Payne, Kinetik, Occidental, Ovintiv, Permian Resources, Pioneer Natural Resources, Plains All American, SLB, and WaterBridge Resources.