The Permian Basin is the most prolific oil-producing basin in the United States and one of the most valuable mineral rights markets in the world. Spanning West Texas and southeast New Mexico, the Permian produces over 5 million barrels of oil per day from two major sub-basins — the Midland Basin and the Delaware Basin — plus the Central Basin Platform that connects them. The Permian has been in continuous production since the 1920s, but the application of horizontal drilling and multi-stage hydraulic fracturing starting around 2010 transformed the basin into a global production powerhouse. We actively buy mineral rights, royalty interests, NPRI, and ORRI across the entire Permian Basin.
Approximate location of the Permian Basin shown in tan
The Permian Basin contains multiple stacked productive formations that can be developed from the same surface location. In the Midland Basin, the primary targets are the Wolfcamp (A, B, C, and D benches), Spraberry, and Dean formations. In the Delaware Basin, the Wolfcamp, Bone Spring (first, second, and third benches), and Avalon formations are the primary targets. This stacked-pay geology is the key driver of the Permian's extraordinary value — a single tract may have wells producing from three or more separate formations, with additional undeveloped formations that will be drilled in the future. The total productive section in parts of the basin exceeds 5,000 feet of thickness, and operators continue to identify and delineate new productive zones.
The Permian Basin is home to the largest concentration of oil and gas operators in the country. In the Midland Basin, Diamondback Energy, Pioneer Natural Resources (now ExxonMobil), ConocoPhillips, and Fasken Oil are among the most active. The Delaware Basin is dominated by ConocoPhillips, Oxy (Occidental Petroleum), Apache (APA Corporation), Devon Energy, and Mewbourne Oil Company. The Central Basin Platform hosts a mix of conventional and horizontal operators. The Permian's operator base includes both publicly traded majors and large private companies, creating a deep, liquid market for both mineral acquisitions and new lease negotiations.
Permian Basin mineral values are driven by the combination of prolific initial production rates, long-lived reserves, stacked-pay development potential (multiple productive formations per tract), and the concentration of well-capitalized operators with active multi-year drilling programs. Core Midland and Delaware Basin acreage with multi-bench development commands the highest valuations. Key factors include the number of productive and undeveloped formations, the royalty rate, operator activity level, and proximity to pipeline and processing infrastructure. The best way to determine what your specific Permian Basin minerals are worth is to request a free offer.
The Midland Basin is the eastern of the Permian’s two great sub-basins, centered on Midland, Martin, and Howard counties and extending through Glasscock, Upton, and Reagan. Development here targets the Wolfcamp benches (A through D), the Spraberry, and the Dean — a stacked section so consistent that core Midland Basin acreage is developed in multi-well pads addressing three or more landing zones from a single surface location. Diamondback, ExxonMobil (through Pioneer), Ovintiv, and a deep bench of large privates run the most active programs.
For mineral owners, the Midland Basin’s signature is density: more producing wellbores, more permitted locations, and more remaining infill inventory per section than almost anywhere in onshore America. That density shows up directly in value — a Midland Basin royalty is typically priced not just on its current checks but on the engineering of what remains undrilled beneath it. Owners with older vertical-era leases should pay particular attention: legacy 1/8th royalty burdens and depth-severed deeds from the 1950s–80s are common in these counties, and what you actually own is often more (or less) than the family assumes until the chain is read.
We hold producing interests across the Midland Basin core and underwrite it daily. County-level production data, top operators, and permit counts are on each county page below.
The Delaware Basin is the Permian’s western sub-basin — deeper, higher-pressure, and gassier than the Midland Basin, running from Reeves, Loving, Ward, and Culberson counties in Texas across the state line into Lea and Eddy counties, New Mexico. Targets stack through the Wolfcamp, three Bone Spring benches, and the Avalon, with the thickest productive section in the basin. ConocoPhillips, Oxy, Devon, Apache, and Mewbourne anchor the operator base; Lea and Eddy counties alone account for a remarkable share of all US onshore drilling activity in most months.
Delaware Basin mineral ownership has two wrinkles owners should understand. First, the Texas–New Mexico split matters: New Mexico tracts involve state and federal land office leases, different pooling rules, and state income tax on royalties, all of which flow through to how interests are valued and conveyed. Second, the basin’s higher gas and water cuts mean per-well economics — and therefore royalty values — swing more with gas takeaway and processing than in the oil-weighted Midland Basin. Core Reeves or Lea County acreage under an active operator remains some of the most valuable mineral real estate in the country.
We buy on both sides of the state line and underwrite the New Mexico complexities as routine work. Start with your county below.
Selling Permian minerals well comes down to one thing: making the buyer price the undeveloped inventory, not just the current checks. A producing Permian royalty’s trailing income understates its value wherever undrilled benches remain — which in the core is almost everywhere — so an offer built only on a multiple of recent checks is a lowball by construction. A serious offer walks through the remaining locations by formation, the operator’s permitting pace, and the unit’s decline profile.
That is how we underwrite. Send the county and operator name, a check stub, or a deed reference, and we will return a written, underwritten offer within 48 hours — no fees, no brokers between you and the number, and no obligation to accept. If you are comparing offers (you should), ask every buyer the same question: which undeveloped formations did you price, and at how many locations?
Additional counties we cover within the Permian Basin, sorted by recent oil and gas activity:
Three factors drive the extraordinary value of Permian Basin minerals: the stacked-pay geology (multiple productive formations that can be developed from the same surface location), the concentration of well-capitalized operators with active multi-year drilling programs, and the basin's proximity to Gulf Coast refining and export infrastructure. These factors combine to create both high current production values and significant undeveloped upside.
The Midland Basin and Delaware Basin are the two major sub-basins of the Permian Basin, separated by the Central Basin Platform. The Midland Basin is centered in Midland and Martin counties, Texas, and primarily targets the Wolfcamp and Spraberry formations. The Delaware Basin extends from Reeves, Loving, and Ward counties in Texas into Lea and Eddy counties in New Mexico, targeting the Wolfcamp, Bone Spring, and Avalon formations. Both sub-basins are highly productive, but the specific formations and well economics differ.
In the core of the Permian Basin, operators have identified and developed up to 8 to 12 productive zones (depending on how sub-formations are counted). In the Midland Basin, this includes the Wolfcamp A, B, C, and D, plus the Spraberry and Dean formations. In the Delaware Basin, the Wolfcamp, three Bone Spring benches, and the Avalon are all productive. Not all zones are economic everywhere, but multi-bench development is the norm in the core areas.