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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

December 2016

Base Year

December 1996

Last Year

December 2015

This Year

December 2016

% Change

2015-2016

Oil Price/bbl (Mo. Avg WTI Crude) $23.37 $33.77 $48.69 44.2%
Oil Price/bbl (YTD Avg) $20.43 $45.35 $39.81 -12.2%
Gas Price (Waha Hub Mo Avg) * $3.59 $1.89 $3.43 81.5%
Gas Price (YTD Avg) $2.07 $2.52 $2.33 -7.3%
Rig Count (Month) 89 175 220 25.7%
Rig Count (YTD Avg) 83 227 157  -30.8%
Drilling Permits (Month) 372 372 551 48.1%
Drilling Permits YTD 4,437 4,999 4,738 -5.2%
Oil Completions (Month) 128 359 232 -35.4%
Oil Completions YTD 2,401 10,367 4,142 -60.0%
Gas Completions (Month) 49 14 10 -28.6%
Gas Completions YTD 730 247 194 -21.5%
Oil Production Volume (000's bbls/month) 26,860 45,939 48,132 4.8%
Oil Production Volume YTD 329,608 533,132 575,799 8.0%
Oil Production Value (000's Month) $627,718 $1,551,569 $2,343,716 51.1%
Oil Production Value YTD $6,729,629 $24,089,922 $22,975,338 -4.6%
Gas Production Volume (000's MCF/month) 122,914 156,938 159,383 1.6%
Gas Production Volume YTD 1,504,801 1,752,546 1,899,137 8.4%
Gas Production Value (000's Month) $441,261 $296,613 $546,684 84.3%
Gas Production Value YTD $3,104,540 $4,390,932 $4,454,956 1.5%
Oil and Gas Employment (Month) 10,855 27,950 27,100 -3.0%
Oil and Gas Employment (Avg YTD) 10,460 30,315 26,550 -12.4%
Oil and Gas Regional Stock Index 130.1 1,048.5 1,113.3 15.7%
INDEX (Base = 100 January 1996)                    111.9 242.0 217.9 -9.9%

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