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By Josiah Carrasco
Midland, Texas – The Permian Strategic Partnership (PSP), a coalition of 30 leading energy companies and higher education institutions, has reached a significant milestone—five years of dedicated efforts to improve the quality of life in the Permian Basin. Since its inception in 2019, the PSP has doubled its membership and invested $153 million in philanthropic efforts that have generated over $1.5 billion in community support and collaborative investments. This public-private partnership, involving some of the region's largest employers, has focused on four critical areas: education, healthcare, workforce development, and road safety.
Tracee Bentley, President and CEO of the PSP, emphasized the importance of the organization's mission, stating, "As we look back on the remarkable progress we have made over the past five years, we are filled with optimism and determination for the journey ahead. The Permian Basin stands as a testament to the resilience and sustainability of our community, and it is our collective responsibility to ensure that its potential is fully realized. In the pursuit of this vision, the importance of continued public-private partnership cannot be overstated."
Bentley’s words encapsulate the PSP's commitment to ensuring the Permian Basin continues to thrive, not just as an energy hub but as a region where communities are supported and empowered. The partnership's efforts have had a profound impact across 22 counties in West Texas and Southeastern New Mexico, home to around 2 million residents.
Over the past five years, the PSP has directed its resources toward addressing some of the most pressing challenges faced by the region:
- Education: The PSP has invested a substantial $65.1 million in education, benefiting hundreds of thousands of students across the Permian Basin. These funds have gone toward improving educational facilities, resources, and programs, ensuring that students are better prepared for the future. This investment is not just about the present; it's about laying the groundwork for long-term success, helping to shape the next generation of leaders in the region.
- Healthcare: Recognizing the critical need for accessible and high-quality healthcare, the PSP has allocated $58.7 million to strengthen healthcare infrastructure and expand services. This investment has been crucial in ensuring that residents across the Permian Basin have access to the medical care they need, reducing disparities and improving health outcomes across the region.
- Road Safety: The safety of residents and workers in the Permian Basin has been a top priority, leading to a $7.8 million investment in road safety initiatives. These funds have been used to implement critical programs and acquire life-saving equipment, contributing to a reduction in accidents and fatalities on the region's roads. With the heavy traffic associated with the energy industry, these improvements have made a significant difference in ensuring that roads are safer for everyone.
- Workforce Development: The PSP has also focused on preparing the region’s workforce for the future, investing $13.9 million in workforce development. This initiative has been instrumental in providing training and upskilling opportunities, ensuring that the local workforce remains competitive in an increasingly dynamic and technology-driven economy. By investing in people, the PSP is helping to secure the economic future of the Permian Basin.
Since its founding, the PSP has emerged as an exemplary model of how industries can engage in meaningful and lasting philanthropy. By bringing together the resources and expertise of energy companies and educational institutions, the PSP has fostered a collaborative approach that amplifies the impact of its investments. This model of public-private partnership is not only benefiting the Permian Basin but is also serving as an inspiration for similar initiatives in other regions.
The PSP’s 2023 annual report, which details these investments and their impact, has been officially released. The report highlights the organization's extensive record of work and underscores the importance of continued investment in the region. The full report is available for public viewing on the PSP’s website.
In addition to the annual report, the PSP has shared a year-in-review video, which captures the stories of individuals and communities that have been positively impacted by the partnership’s work over the past five years. This video serves as a powerful reminder of the real-world impact of the PSP’s efforts and the importance of its mission.
For those interested in learning more about the PSP’s work and its future plans, the 2023 annual report and the year-in-review video can be accessed online. The report is available at permianpartnership.org/2023-annual-report, and the video can be viewed at Vimeo.
As the PSP looks to the future, its commitment to the Permian Basin remains steadfast. The organization continues to explore new opportunities for collaboration and investment, with the goal of ensuring that the region’s communities thrive for generations to come. The next five years promise to be just as transformative as the last, as the PSP and its partners work together to build a stronger, healthier, and more resilient Permian Basin.
SOURCE: Permian Strategic Partnership
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