Texas shale gas towns grapple with growth as oil-bust fears fade

A mural depicting oil wells is seen in front of an abandoned building in downtown Midland, Texas, US. (Reuters)
Updated 22 August 2019
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Texas shale gas towns grapple with growth as oil-bust fears fade

  • That hesitance is fading fast as oil majors make longer-term commitments to drill in the Permian Basin

ODESSA, Texas: In west Texas, the center of the US oil boom, about 3,800 students at Permian High School are crammed into a campus designed for 2,500.

Officials had expected enrollment to fall after the last oil price crash in 2014, but it kept rising — one sign of a growing resilience in the oil economy as Exxon Mobil, Chevron and others continue investing billions of dollars here.

For most of the last century, oil money has flowed into this region — but residents had enough sense to know it would flow out again when the next bust hit. That cycle has always made people wary of investing during good times.

That hesitance is fading fast as oil majors make longer-term commitments to drill in the Permian Basin and residents grow weary of traffic jams on once-rural roads, long waits for appointments, pricey housing and overcrowded schools. Local government and industry are joining forces to tackle the region’s overwhelmed services.

“When you have more students, you need more teachers,” said Danny Gex, principal at the Odessa school. Texas has a statewide teacher shortage, Gex said, and “when you’re in a desert, it makes it a lot more difficult to find them.”

Housing is also in demand. The median price in Midland, $311,000 in April, was higher than any other Texas city outside Austin.

The world’s biggest oil majors are taking control of the shale business. That means they will need to lure more staff to live permanently with families in cities such as Midland and Odessa, rather than depending on “man camps” for  roughnecks or relying on temporary schemes.

“The mindset is changing,” said Midland Mayor Jerry Morales. “We understand we’re growing and we need these things.”


SIDF concludes participation in Momentum 2025

Updated 11 December 2025
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SIDF concludes participation in Momentum 2025

RIYADH: The Saudi Industrial Development Fund concluded its participation in the Development Finance Conference Momentum 2025 organized by the National Development Fund under the patronage of Crown Prince Mohammed bin Salman, prime minister and chairman of the NDF board.

The event was held from Dec. 9 to 11 at the King Abdulaziz International Conference Center in Riyadh.

The conference provided a platform to explore the future of development finance and its role in supporting sustainable growth. It brought together leading thinkers, investors, and decision-makers from around the world to discuss key challenges and opportunities, and to exchange experiences that enhance financing tools and maximize their developmental impact.

SIDF participation underscored its active role in supporting economic development through its financing advisory and knowledge-based programs as well as its diverse initiatives designed to meet the needs and aspirations of manufacturers and investors, aligning with the Kingdom's objectives and Vision 2030 targets.

In a panel discussion on the sidelines of the conference, Prince Sultan bin Khalid bin Faisal, CEO of SIDF, highlighted that the fund has, for more than 50 years, continued to develop its financing and advisory tools to empower national industries and enhance their global competitiveness.

He noted that SIDF has supported more than 4200 projects with total disbursements exceeding SR150 billion ($40 billion), attracting investments of nearly SR800 billion.

Prince Sultan added that the fund is currently focused on creating new financing channels in collaboration with government and private entities to provide sustainable funding for the private sector through mechanisms that attract capital and investors.

He said: “We recently launched the world’s largest supply chain financing program in collaboration with Saudi Aramco and the Saudi Electricity Co., benefiting thousands of suppliers and factories.”

SIDF participation culminated in signing a cooperation agreement with the Saudi Arabia Railways to identify opportunities for industrial sector support and to assist investors in localizing goods and services to increase domestic content.

The Momentum 2025 conference reflects the Kingdom's leading role across various development sectors, highlighting the contributions of its development ecosystem in shaping a sustainable developmental future that delivers economic and social impact in line with Vision 2030 objectives.

The conference serves as a platform for collaboration that advances the implementation of development finance solutions, bringing together leaders from government entities, development finance institutions, investors and innovators from within the Kingdom and abroad.

It aims to strengthen partnerships that align capabilities across the system and translate developmental priorities into actionable initiatives, fostering inclusive and sustainable growth.