History tells us the future remains bright.
On Sept. 27-28 we were honored to host our 62nd Annual Meeting in Midland and perhaps even more special, celebrate the 100th Anniversary of the Santa Rita No. 1. As all of you know it is credited as the well that began this long and storied history of the Permian Basin.
Of all great discoveries made by man in our long history from the swamp to the stars, this discovery has impacted our region, our nation, and our world as much as any other. It is hard to think of another event that shares this type of magnitude. Especially when you consider that this discovery has enriched the state of Texas and allowed it to invest in generational benefits.
These benefits include Texas higher and public education resources that are unparalleled by any of our sister states. The Permian Basin is producing the majority of crude and natural gas in the state of Texas and severance tax collections from that revenue have provided massive investments across the state in the areas of transportation and increasing the state’s water supply. Additionally, revenue from oil and gas activity in Texas is also responsible for the funding that allowed the state to pass the largest property tax cut in Texas history.
And if all of those examples weren’t enough, it has helped create geopolitical energy security for the United States and our allies abroad. America is safer when we can rely on our own resources to power our future.
This all began 100 years ago in May of 1923, after the state of Texas began to lease parcels of state land for the exploration and production of oil and gas. After a series of business deals, Frank T. Pickrell and Haymon Krupp saw the Santa Rita No. 1 come in on May 28th.
And as they say, the world was never the same.
As we look to the legendary past, we can continue to see an even brighter future. Yes, there are many challenges. Last month we shared many of those policy and political challenges that PBPA members are facing at every level, in both Texas and New Mexico as well as our good friends in Washington, D.C.
With the United States Fish and Wildlife Service moving forward with multiple Endangered Species Act listings of species in the Permian Basin, the Environmental Protection Agency continuing to target the region on a bevy of air quality issues, various new rules in Texas and New Mexico, and so much more, our staff is as busy as ever, along with yours, working to address these challenges.
As we move into the next year for PBPA, we need your support now more than ever. I hope you enjoyed our Annual Meeting and the programming that was provided. We believe it displayed a great variety of the issues that are at the forefront, as well as how PBPA members are working to solve these complex challenges as well as develop new innovations in the industry.
We are proud of the work that each and every one of you do, day in and day out, to provide the vital energy that our nation and our world desperately needs. Thank you for your work and your support, and we look forward to the next year at PBPA being the brightest one yet.