November 12, 2020 – Pecos, Texas.
Istmo Energy and the West Pecos Management District reach preliminary agreement to incorporate Refinery project to WPMD’s economic development plans in Reeves County Opportunity Zone.
Pecos, Texas is at the epicenter of the prolific Southern Delaware basin oil play. During the industry boom of recent years, tens of thousands of temporary workers slept in Pecos nightly generating a beehive of economic, only to see this influx evaporate during the COVID-19 pandemic along with the source of income and livelihood of permanent residents of the area. As stated in a study conducted by The Perryman Group (TPG) in 2018, the benefits of establishing and creating sources of permanent jobs in Pecos would greatly alleviate the economic development challenges within one of the country’s most depressed opportunity zones. The The West Pecos Management District (WPMD) was created in 2018 to encourage energy industry workers to locate in the area rather than commuting or living in temporary housing – something that would also generate greater efficiency for producers, provide more stability to local residents and improve the quality of life of oil-field employees, their families. and the surrounding community. With the downturn in activity and upstream oil and gas jobs having dried up, the WPMD initiative and the local community were facing challenging times.
Istmo’s Crude Processing and Export Terminal, however, has the potential to generate the sustainable workforce source the WPMD needs that will benefit the local community by creating a processing hub of Delaware Basin sourced crude and distillate export platform, and as a result both Istmo and the WPMD Board reached a preliminary agreement to incorporate the Pecos Crude Processing and Export Terminal’s 800 acre property and rail terminal to the West Pecos Management District. The land will not only serve the needs of Istmo’s facility but will also incorporate additional land with rail access for industrial park use, attracting additional businesses in the future.
“We are excited about the prospect and potential benefits Istmo’s project will generate for our community. It provides exactly the type of jobs and economic activity we need in Pecos and West Texas as it provides exactly the type of investments that will have lasting effects in our community and will generate a stable source of employment for hundreds of families in the local area” stated Rod Ponton, City Attorney for the City of Pecos and head of the West Pecos Management District.
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