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

July 2017

Base Year

July 1996

Last Year

July 2016

This Year

July 2017

% Change

2016-2017

Oil Price/bbl (Mo. Avg WTI Crude) $19.69 $41.55 $43.10 3.7%
Oil Price/bbl (YTD Avg) $19.13 $36.82 $45.95 24.8%
Gas Price (Waha Hub Mo Avg) $2.09 $2.64 $2.70 2.3%
Gas Price (YTD Avg) $1.92 $2.02 $2.76 37.1%
Rig Count (Month) 85 139 318 128.8%
Rig Count (YTD Avg) 78 138 280 102.4%
Drilling Permits (Month) 325 358 611 70.7%
Drilling Permits YTD 2,493 2,383 4,296 80.3%
Oil Completions (Month) 140 323 331 2.5%
Oil Completions YTD 1,229 2,964 2,110 -28.8%
Gas Completions (Month) 50 18 4 -77.8%
Gas Completions YTD 431 127 90 -29.1%
Oil Production Volume (000's bbls/month) 27,039 47,715 50,806 6.5%
Oil Production Volume YTD 193,411 331,709 357,728 7.8%
Oil Production Value (000's Month) $532,398 $1,982,485 $2,189,592 10.4%
Oil Production Value YTD $3,699,857 $12,225,545 $16,433,288 34.4%
Gas Production Volume (000's MCF/month) 124,090 156,450 172,305 10.1%
Gas Production Volume YTD 873,498 1,085,437 1,185,740 9.2%
Gas Production Value (000's Month) $259,348 $413,029 $465,225 12.6%
Gas Production Value YTD $1,673,437 $2,194,997 $3,277,106 49.3%
Oil and Gas Employment (Month) 10,575 26,180 28,420 8.6%
Oil and Gas Employment (Avg YTD) 10,240 26,380 27,815 5.4%
Oil and Gas Regional Stock Index** 102.2 1,344.5 1,640.2 22.0%
INDEX (Base = 100 January 1996) 103.7 209.7 255.3  21.7%

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