A frack operation in the Permian Basin of Texas, the nation's highest-producing oilfield. The Basin was once the floor of an ancient seabed that today is laden with hydrocarbons.

Fracking And Survival In A West Texas Oil Field

The massive fall in the price of crude oil means hundreds of thousands of people are no longer working in the energy business and many small and mid-level energy companies are in a footrace against bankruptcy. While many oil fields have a seen oil production fall, the Permian Basin of west Texas, the nation’s highest-producing oilfield, is still increasing production.

Kenny Scudder is the VPof Sales for Palmer of Texas. The company manufactures tanks for used to store oil and gas in the field. The company is one of hundreds of examples of smaller but properly capitalized energy companies hunkering down the until energy markets rebound.

Surviving The Oil Bust In West Texas

In every downturn, there are survivors who position themselves for recovery. The price of crude oil is down by more than 70 percent since the summer of 2014. Oil and gas companies once flush with cash have cut exploration and decommissioned up to two thirds of their rigs. Many companies have gone under and hundreds of thousands of people are out of job.

This oilfield worker said heis glad to have a job. Hundreds of thousands of people in the energy industry have been laid off since the price of crude oil peaked in the summer of 2014.

Slumping Oil Prices And A West Texas Downgrade

Nearly a dozen west Texas cities, counties, hospitals and school districts are facing the possibility of a bond credit downgrade in the coming months by Moody’s Investor Services, one of the country’s “Big Three” ratings firms. That because those local institutions rely on energy-related tax revenue, which has fallen precipitously. And the possibility of a bond downgrade is a threat facing other oil and gas states as well.

The growing number of oil rigs pulled in from the oilfield and stored in this lot in Odessa, Texas is a testament to the steep decline in the price of crude oil in the last year.

Mexico Ventures Into Oil Field Investments

The oil downturn has impacted many small and independent oil and gas companies’ bottom lines. It has also created opportunity for venture capitalists from this country and from others – such as China and Mexico – to snap up oil field bargains. Lorne Matalon reports on Mexican investors who are eyeing deals in the Permian Basin of West Texas.