The Permian Basin is a large sedimentary basin located in western Texas and southeastern New Mexico. It is one of the most significant oil and natural gas producing regions in the United States, known for its rich deposits of hydrocarbons. The basin formed over millions of years, primarily during the late Paleozoic era, and is characterized by its complex geology. The region has seen extensive drilling and extraction activities, particularly since the shale revolution in the early 2000s. Advances in technology, such as hydraulic fracturing and horizontal drilling, have allowed for increased production from the Wolfcamp and Spraberry formations within the basin.