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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

March 2017

Base Year

March 1996

Last Year

March 2016

This Year

March 2017

% Change

2016-2017

Oil Price/bbl (Mo. Avg WTI Crude) $19.59 $34.58 $45.50 31.6%
Oil Price/bbl (YTD Avg) $18.03 $30.03 $48.26 60.7%
Gas Price (Waha Hub Mo Avg) * $1.75 $1.59 $2.61 64.2%
Gas Price (YTD Avg) $1.78 $1.87 $2.80 49.8%
Rig Count (Month) 77 139 263 89.2%
Rig Count (YTD Avg) 76 154 250 62.7%
Drilling Permits (Month) 448 295 772 161.7%
Drilling Permits YTD 1,120 864 1,823 111.0%
Oil Completions (Month) 179 497 348 -30.0%
Oil Completions YTD 557 1,353 837 -38.1%
Gas Completions (Month) 67 28 20 -28.6%
Gas Completions YTD 216 78 34 -56.4%
Oil Production Volume (000's bbls/month) 28,188 46,405 49,086 5.8%
Oil Production Volume YTD 83,761 140,522 147,931 5.3%
Oil Production Value (000's Month) $552,203 $1,604,722 $2,233,419 39.2%
Oil Production Value YTD $1,511,159 $4,217,693 $7,139,193 69.3%
Gas Production Volume (000's MCF/month) 125,764 151,825 161,987 6.7%
Gas Production Volume YTD 377,361 465,952 493,969 6.0%
Gas Production Value (000's Month) $220,087 $241,401 $422,787 75.1%
Gas Production Value YTD $673,413 $871,997 $1,384,463 58.8%
Oil and Gas Employment (Month) 10,235 26,430 26,800 1.4%
Oil and Gas Employment (Avg YTD) 10,215 27,110 27,185 0.3%
Oil and Gas Regional Stock Index 96.0 977.5 1,437.2 47.0%
INDEX (Base = 100 January 1996)                    101.0 221.3 234.3 5.9%

** Based on monthly stock prices for Clayton Williams Energy, Inc (CWEI), Dawson Geophysical Company (DWSN), Patterson-UTI Energy, Inc., (PTEN), and Concho Resources (CXO)