New analysis reveals deepening inventory optionality alongside growing development sequencing risk across the basin
CALGARY, Alberta (Apr. 15, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of , the leading energy data analytics platform, has released its latest report, Permian Basin Play Fundamentals: The Intervals Keep Coming. As global supply uncertainty and price volatility weigh on capital allocation decisions, low-cost basins like the Permian have rarely been more relevant, and new analysis from EIR suggests the basin’s runway is longer than previously understood.
The report estimates that the Permian holds ~55,000 sub-$50/bbl economically viable (EV) drilling locations, representing ~10% year-over-year growth that EIR attributes primarily to high-quality resource expansion and continued cost reductions. This sub-$50/bbl inventory is nearly double the combined total across several other major North American plays referenced in the report.
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The report also highlights the continued importance of resource delineation. EIR estimates total undeveloped inventory approaches 100,000 locations when including geologically viable (GV) resource, with GV additions increasing location count 42% and oil resource 29%; EIR notes over 60% (~5.8 Bbbl) of this incremental oil resource is concentrated in emerging deep zones, including the Barnett-Woodford and Wolfcamp D.
“Our latest work on the Permian underscores how interval optionality and cost reductions continue to refresh the basin’s runway,” said Stephen Sagriff, report author and EIR director of oil and gas research.
“While top operators still control much of the highest-quality inventory, emerging deep zones and development sequencing considerations are increasingly important for understanding where economics hold and where risk may rise as activity shifts deeper or returns to maturing areas.”
Key takeaways:
- EIR estimates the Permian Basin holds ~55,000 sub-$50/bbl EV locations, representing ~10% growth year over year.
- Private operators hold ~16% of sub-$50/bbl breakeven inventory (with ~7% tied to family-owned companies).
- EIR estimates the Midland Barnett-Woodford represents the largest oil-directed expansion opportunity in the L48, totaling over 6,000 combined EV and GV locations; EIR reports 2025 well performance from the zones exceeded the Midland average by over 30%, with breakevens aligning with primary targets in the low-$40s/bbl at $800/ft well costs.
- The Lower Wolfcamp represents nearly 20% of remaining locations in the Delaware, with 56% of that total subject to lagged development sequencing considerations that could affect near-term economics.
EIR’s analysis pulls from a variety of products including ®.
Play Fundamentals is an EIR research series that dives into a key geographical basin or technology. As a collective series with each play updated annually, it includes technical research and interactive maps, investment opportunities, benchmarking, macro trends and basin analytics, empowering readers to make intelligent connections and, overall, more informed investment, operating and strategic decisions. It is considered the most in-depth research EIR offers and among the most-read analysis series in the energy industry.
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