The basin behind ~50% of U.S. crude oil and one of the world’s most prolific hydrocarbon systems — where Bison II concentrates capital in Tier 1 Delaware and Midland acreage.
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Spanning roughly 86,000 square miles across West Texas and southeastern New Mexico, the Permian Basin is the most productive oil basin in the world — named for the Permian geologic period (~299–252 million years ago), during which thick organic-rich shales, carbonates, and sandstones formed one of the most extensive stacked hydrocarbon systems on Earth. It is the geographic and economic core of Bison II, LP.
The Permian Basin is comprised of three primary sub-basins, separated geologically by the Central Basin Platform. Most modern unconventional development is concentrated in the Delaware and Midland sub-basins, which together host the bulk of Tier 1 acreage.
Westernmost and deepest sub-basin, covering ~6.4 million acres across Loving, Reeves, Culberson, and Ward Counties (TX) and Eddy & Lea Counties (NM). Heavily faulted with overpressured zones; the Wolfcamp can exceed 6,000 ft in core counties — the thickest hydrocarbon column in U.S. shale.
~14,000 square miles spanning Midland, Martin, Howard, Glasscock, and Reagan Counties — with vertical production dating back to the 1940s. Shallower and less faulted than the Delaware; the Wolfcamp ranges 1,000–3,000 ft. Modern horizontals focus on Wolfcamp A/B and the Lower Spraberry.
A shallow structural high separating the two basins. Accounts for roughly 45% of total historical Permian production from conventional carbonate reservoirs — San Andres, Grayburg, Clear Fork, and Devonian — increasingly redeveloped with modern horizontal completions.
The Permian’s defining geological advantage is its stacked pay — multiple productive shale and conventional intervals layered vertically on top of one another. A single horizontal pad can target several distinct benches, dramatically improving capital efficiency.
Operators classify acreage by tier based on rock quality, depth, oil cut, well productivity, and operating cost. Tier 1 acreage — concentrated in the core counties of the Delaware and Midland sub-basins — produces the highest recoveries per well at the lowest cost per barrel. The Permian’s average new-well breakevens are the lowest of any major U.S. shale play.
| U.S. Shale Play | Avg. New-Well Breakeven (WTI) |
|---|---|
| Permian — Delaware (core) | ~$41 / bbl |
| Permian — Midland (core) | ~$45 / bbl |
| Eagle Ford | ~$50 / bbl |
| Bakken | ~$54 / bbl |
| DJ Basin / Niobrara | ~$57 / bbl |
Sources: Dallas Fed Energy Survey (Q1 2026) and Enverus. Figures reflect Tier 1 / core-acreage new-well WTI breakeven prices, which sit below each basin’s overall reported average. For reference, the Q1 2026 Dallas Fed survey put the all-firm Permian average new-well breakeven at ~$67 / bbl, up from $65 in the prior year. Actual results vary by operator, individual acreage tier, completion design, and operating cost. With WTI trading well above these breakevens, Tier 1 Permian wells generate substantial economic margin per barrel.
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