Concho Resources Inc. (CXO), ConocoPhillips (COP), Devon Energy Corp (DVN): 5 Companies Delivering Oil Growth from This Legacy Texas Oil Play

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Pioneer Natural Resources (NYSE:PXD)
Few companies expect bigger things out of the Permian than Pioneer Natural Resources (NYSE:PXD). The company, which has total proved reserves of 1.1 billion barrels of oil equivalent thinks that its total resource potential could be over nine billion barrels of oil equivalent thanks mainly to the Permian. The company sees the Spraberry/Wolfcamp formations of the play actually representing the second largest oil field in the world at about 50 billion barrels of oil equivalent, which is almost double the oil and gas that’s estimated to be in the Eagle Ford shale.

Final Foolish thoughts
The Permian Basin is silently helping to transform America’s energy position. While it doesn’t get the attention of the Bakken or the Eagle Ford, it just might turn out to be America’s most important oil basin. That’s great news for the companies on this list which are enjoying this play’s reemergence as a premier oil growth play.

The article 5 Companies Delivering Oil Growth from This Legacy Texas Oil Play originally appeared on Fool.com.

Fool contributor Matt DiLallo owns shares of ConocoPhillips. The Motley Fool owns shares of Devon Energy. 

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