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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

February 2017

Base Year

February 1996

Last Year

February 2016

This Year

February 2017

% Change

2016-2017

Oil Price/bbl (Mo. Avg WTI Crude) $17.20 $27.08 $50.03 84.7%
Oil Price/bbl (YTD Avg) $17.26 $27.76 $49.64 78.8%
Gas Price (Waha Hub Mo Avg) * $1.68 $1.80 $2.61 45.0%
Gas Price (YTD Avg) $1.80 $2.01 $2.41 20.3%
Rig Count (Month) 75 151 252 66.9%
Rig Count (YTD Avg) 75 161 244 51.2%
Drilling Permits (Month) 354 314 564 79.6%
Drilling Permits YTD 672 569 1,051 84.7%
Oil Completions (Month) 193 414 245 -40.8%
Oil Completions YTD 378 856 489 -42.9%
Gas Completions (Month) 78 29 9 -69.0%
Gas Completions YTD 149 50 14 -72.0%
Oil Production Volume (000's bbls/month) 27,391 46,733 48,217 3.2%
Oil Production Volume YTD 55,573 94,098 97,429 3.5%
Oil Production Value (000's Month) $471,125 $1,265,417 $2,412,142 90.6%
Oil Production Value YTD $958,956 $2,612,475 $4,835,833 85.1%
Gas Production Volume (000's MCF/month) 123,918 155,169 160,263 3.3%
Gas Production Volume YTD 251,597 314,090 328,537 4.6%
Gas Production Value (000's Month) $208,182 $279,304 $418,287 49.8%
Gas Production Value YTD $453,326 $630,519 $951,713 50.9%
Oil and Gas Employment (Month) 10,205 27,095 27,755 2.4%
Oil and Gas Employment (Avg YTD) 10,205 27,450 27,422 -0.1%
Oil and Gas Regional Stock Index 98.1 992.0 1,377.0 38.8%
INDEX (Base = 100 January 1996)                    100.0 224.3 229.6 2.4%

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