Permian Basin Economic Indicators

 

Economic Impact: Permian Basin's Oil & Gas Industry

Study completed by Texas Tech University

 

Texas Permian Basin Petroleum Index:

 

Texas Permian Basin Petroleum Index

Oil and Gas Indicators

October 2017

Base Year

October 1996

Last Year

October 2016

This Year

October 2017

% Change

2016-2017

Oil Price/bbl (Mo. Avg WTI Crude) $23.34 $46.31 $48.06 3.8%
Oil Price/bbl (YTD Avg) $19.98 $38.70 $46.05 19.0%
Gas Price (Waha Hub Mo Avg) $1.64 $2.73 $2.51 -8.1%
Gas Price (YTD Avg) $1.87 $2.23 $2.72 21.8%
Rig Count (Month) 94 173 314 81.5%
Rig Count (YTD Avg) 81 147 291 97.8%
Drilling Permits (Month) 430 559 581 3.9%
Drilling Permits YTD 3,697 3,778 6,131 62.3%
Oil Completions (Month) 369 243 141 -42.0%
Oil Completions YTD 1,971 3,755 2,770 -26.2%
Gas Completions (Month) 72 8 17 112.5%
Gas Completions YTD 628 170 125 -26.5%
Oil Production Volume (000's bbls/month) 27,492 50,797 56,144 10.5%
Oil Production Volume YTD 275,296 480,873 527,826 9.8%
Oil Production Value (000's Month) $641,663 $2,352,210 $2,698,084 14.7%
Oil Production Value YTD $5,498,516 $18,657,391 $24,296,527 30.2%
Gas Production Volume (000's MCF/month) 129,031 170,799 188,905 10.6%
Gas Production Volume YTD 1,254,075 1,582,505 1,748,374 10.5%
Gas Production Value (000's Month) $211,611 $466,280 $474,152 1.7%
Gas Production Value YTD $2,346,305 $3,549,538 $4,744,374 33.7%
Oil and Gas Employment (Month) 10,805 26,805 32,460 21.1%
Oil and Gas Employment (Avg YTD) 10,375 26,425 30,290 14.6%
Oil and Gas Regional Stock Index** 113.0 1,458.3 1,638.4 12.3%
INDEX (Base = 100 January 1996) 108.7  211.1 271.2 28.5%

** Based on monthly stock prices for Dawson Geophysical Company, Patterson-UTI Energy, Inc., Concho Resources, Parsley Energy, Diamondback Energy