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

April 2017

Base Year

April 1996

Last Year

April 2016

This Year

April 2017

% Change

2016-2017

Oil Price/bbl (Mo. Avg WTI Crude) $21.77 $37.51 $47.00 25.3%
Oil Price/bbl (YTD Avg) $18.97 $31.90 $47.94 50.3%
Gas Price (Waha Hub Mo Avg) * $2.01 $1.74 $2.77 59.2%
Gas Price (YTD Avg) $1.84 $1.84 $2.79 52.0%
Rig Count (Month) 77 123 283 130.1%
Rig Count (YTD Avg) 76 146 258 76.9%
Drilling Permits (Month) 412 405 486 20.0%
Drilling Permits YTD 1,532 1,269 2,309 82.0%
Oil Completions (Month) 141 488 259 -46.9%
Oil Completions YTD 698 1,841 1,096 -40.5%
Gas Completions (Month) 32 17 11 -35.3%
Gas Completions YTD 248 95 45 -52.6%
Oil Production Volume (000's bbls/month) 28,098 48,351 50,226 3.9%
Oil Production Volume YTD 111,859 189,119 200,529 6.0%
Oil Production Value (000's Month) $611,693 $1,813,556 $2,360,622 30.2%
Oil Production Value YTD $2,122,852 $6,038,789 $9,614,022 59.2%
Gas Production Volume (000's MCF/month) 126,418 154,353 164,822 6.8%
Gas Production Volume YTD 503,779 620,807 664,014 7.0%
Gas Production Value (000's Month) $254,100 $268,574 $456,558 70.0%
Gas Production Value YTD $927,513 $1,141,525 $1,855,578 62.6%
Oil and Gas Employment (Month) 9,955 26,045 27,530 5.7%
Oil and Gas Employment (Avg YTD) 10,150 26,835 27,635 3.0%
Oil and Gas Regional Stock Index 95.1 959.4 1,490.5 55.4%
INDEX (Base = 100 January 1996)                    102.1 216.4 240.8 11.3%

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