Small Permian players face tide of consolidation

Independents carried out much of the exploration - but as basins move into development their presence is diminishing

MIDLAND, TX - JANUARY 20: A fracking site is situated on the outskirts of town in the Permian Basin oil field on January 21, 2016 in the oil town of Midland, Texas. Despite recent drops in the price of oil, many residents of Andrews, and similar towns across the Permian, are trying to take the long view and stay optimistic. The Dow Jones industrial average plunged 540 points on Wednesday after crude oil plummeted another 7% and crashed below $27 a barrel. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==
MIDLAND, TX - JANUARY 20: A fracking site is situated on the outskirts of town in the Permian Basin oil field on January 21, 2016 in the oil town of Midland, Texas. Despite recent drops in the price of oil, many residents of Andrews, and similar towns across the Permian, are trying to take the long view and stay optimistic. The Dow Jones industrial average plunged 540 points on Wednesday after crude oil plummeted another 7% and crashed below $27 a barrel. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==
Published 6 December 2018, 23:00Updated 5 December 2018, 14:41