Crude oil and condensate exports from the U.S. to foreign countries averaged 4.1 MM BOPD in 2025 (EIA). 98% of those exports come from the Permian Basin HZ play.

As GOR increases in the Permian, so does natural gas liquids (NGLs), now about 5.3 GPM, up from 3.2. 40% of all NGLs produced in the U.S. come from the Permian, about 3.1 MM BPD. All of THAT is exported to foreign countries (RBN, EIA).

The Permian produces roughly 25 BCFGPD, about 23% of total natural gas produced, and sold in the country. 2 BCF of that is exported to Mexico overland, and approximately 24% of total U.S. LNG exports (11.3 BCFGPD (Reuters), or 2.8 BCF, comes from the Permian. Another 2.3 BCF I'll bet the ranch is pissed off up flare stacks, awaiting more takeaway. So, about 7 BCFPD of Permian associated gas is exported or wasted.

For the record then, 70% of Permian tight C+C production is exported, 100% of Permian NGLs are exported and 28% of its associated gas is exported, or wasted.

These exports occur below finding and production costs as the Permian HZ play has already lost over $200B of CAPEX since 2014 (not including SEC reserve impairments) (wait 'till you see NEXT's years!) and has another $200B of long term debt to be paid. That debt is growing, not declining. The first thing anybody asks when they first see the Permian Basin is...how in the hell or they going to clean all this shit up?

Eddy and Lea Counties in the Permian export produced water...to Texas. Texas, on the other hand, gets to dispose that, and all of its own, about 25 MM BWPD. all toll. Less recycled water, only about 30% of total volumes (PWS). That water can only be recycled twice before it has to be disposed of. Water production is growing faster than natural gas production.

Produced water is the only thing about the Permian HZ play we don't export.

So when you hear, every day, that Permian tight oil is still growing it might be a good idea to ask yourself, to who's benefit? When that's all gone, that's all she wrote for the U.S. and we're back to being mad at OPEC all the time for not producing more.

I love the Permian Basin; its remaining hydrocarbon assets are simply being managed by idiots. I'd like to see that be different. For the sake of the entire country.