The Permian Basin is an area of active hydrocarbon production and saltwater disposal, as well as associated induced seismicity and other geomechanical responses that threaten the surface environment. Among the important but not yet fully answered questions are: (i) what are the temporal and spatial changes in stress and pore pressure in response to fluid injection and production, and (ii) how do these changes relate to slip on pre-existing faults and surface deformation? We simulate stress and pore pressure responses to saltwater injection in the Delaware Mountain Group and production from the Wolfcamp and Bone Spring Formations with the aid of 2D geomechanical simulations that capture key mechanical stratigraphic units and representative faults. Primary loading consists of localized pore pressure changes that represent fluid injection into the Delaware Mountain Group and production from the lowermost portion of the Bone Spring Formation, the entire Wolfcamp A Formation, and the uppermost portion of the Wolfcamp B Formation. Injection leads to pore pressure increase, vertical extension, reduction in mean stress, and increase in differential stress in the Delaware Mountain Group. Production leads to decrease in pore pressure, vertical contraction, increase in mean stress, and increase in differential stress in the Bone Spring and Wolfcamp A and B Formations. The net effect of injection and production in our generalized simulations is normal faulting slip on faults that are relatively shallow in the subsurface, similar to faults that are known to have produced seismogenic rupture. The combination of injection and production reproduces a spatially-variant trend in uplift and subsidence, consistent with regional patterns measured in the study area via InSAR analysis. The modeled scenarios with shallow injection and/or production caused only small (lt;0.2 MPa) stress perturbations to propagate downward to basement, which would be unlikely to cause instability of deep-seated seismogenic faults.