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

May 2017

Base Year

May 1996

Last Year

May 2016

This Year

May 2017

% Change

2016-2017

Oil Price/bbl (Mo. Avg WTI Crude) $19.52 $43.38 $45.06 3.9%
Oil Price/bbl (YTD Avg) $19.08 $34.20 $47.37 38.5%
Gas Price (Waha Hub Mo Avg) * $1.95 $1.75 $2.82 61.1%
Gas Price (YTD Avg) $1.86 $1.82 $2.80 53.8%
Rig Count (Month) 76 121 301 148.8%
Rig Count (YTD Avg) 76 141 267 89.2%
Drilling Permits (Month) 363 334 626 87.4%
Drilling Permits YTD 1,895 1,603 2,935 83.1%
Oil Completions (Month) 170 410 380 -7.3%
Oil Completions YTD 868 2,251 1,476 -34.4%
Gas Completions (Month) 67 7 26 271.4%
Gas Completions YTD 315 102 71 -30.4%
Oil Production Volume (000's bbls/month) 26,271 45,546 47,734 4.8%
Oil Production Volume YTD 138,130 234,668 251,484 7.2%
Oil Production Value (000's Month) $512,810 $1,975,729 $2,151,109 8.9%
Oil Production Value YTD $2,635,662 $8,014,468 $11,918,186 48.7%
Gas Production Volume (000's MCF/month) 118,978 147,374 157,210 6.7%
Gas Production Volume YTD 622,757 768,114 828,662 7.9%
Gas Production Value (000's Month) $232,007 $257,905 $443,332 71.9%
Gas Production Value YTD $1,159,520 $1,399,329 $2,319,298 65.7%
Oil and Gas Employment (Month) 10,215 25,535 27,610 8.1%
Oil and Gas Employment (Avg YTD) 10,165 26,575 27,650 4.0%
Oil and Gas Regional Stock Index 96.7 949.2 1,538.0 62.0%
INDEX (Base = 100 January 1996)                    101.9 213.5 246.7  15.6%

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