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

September 2017

Base Year

September 1996

Last Year

September 2016

This Year

September 2017

% Change

2016-2017

Oil Price/bbl (Mo. Avg WTI Crude) $22.23 $41.48 $46.06 11.1%
Oil Price/bbl (YTD Avg) $19.61 $37.85 $45.82 21.0%
Gas Price (Waha Hub Mo Avg) $1.59 $2.81 $2.65 -5.7%
Gas Price (YTD Avg) $1.90 $2.17 $2.74 26.0%
Rig Count (Month) 83 169 316 87.0%
Rig Count (YTD Avg) 79 144 288 99.9%
Drilling Permits (Month) 342 440 564 28.2%
Drilling Permits YTD 3,267 3,219 5,550 72.4%
Oil Completions (Month) 210 237 198 -16.5%
Oil Completions YTD 1,602 3,512 2,629 -25.1%
Gas Completions (Month) 51 17 11 -35.3%
Gas Completions YTD 556 162 108 -33.3%
Oil Production Volume (000's bbls/month) 26,648 48,476 52,962 9.3%
Oil Production Volume YTD 247,804 430,028 469,563 9.2%
Oil Production Value (000's Month) $592,385 $2,010,538 $2,439,340 21.3%
Oil Production Value YTD $4,856,852 $16,303,218 $21,503,850 31.9%
Gas Production Volume (000's MCF/month) 123,839 161,922 179,179 10.7%
Gas Production Volume YTD 1,125,044 1,411,698 1,556,086 10.2%
Gas Production Value (000's Month) $196,904 $455,001 $474,824 4.4%
Gas Production Value YTD $2,134,694 $3,083,238 $4,261,095 38.2%
Oil and Gas Employment (Month) 10,600 26,405 29,005 9.8%
Oil and Gas Employment (Avg YTD) 10,325 26,385 28,015 6.2%
Oil and Gas Regional Stock Index** 107.8 1,421.9 1,634.1 14.9%
INDEX (Base = 100 January 1996) 106.2 209.6 263.4  25.7%

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