Permian producers can make money drilling new wells

If the price of oil is above the average breakeven price then the average producer in the Permian can make a profit on a new well.

Notes WTI price listed is the Cushing, OK, FOB spot price, on a monthly basis. Breakeven figures for producers are based on the Dallas Fed's energy survey, which has asked this question yearly since 2016; chart extends the annual survey data across a given calendar year.
Source: WTI: Thomson Reuters via EIA. Breakevens: Dallas Fed energy survey, first quarter 2016-2023 Credit: Camila Domonoske/NPR