Permian Basin Economic Indicators

 

Economic Impact: Permian Basin's Oil & Gas Industry

Study completed by Texas Tech University

 

 

Texas Permian Basin Petroleum Index

Oil and Gas Indicators

March 2018

Base Year

March 1996

Last Year

March 2017

This Year

March 2018

% Change

2017-2018

Oil Price/bbl (Mo. Avg WTI Crude) $19.59 $45.50 $59.43 30.6%
Oil Price/bbl (YTD Avg) $18.03 $48.26 $59.42 23.1%
Gas Price (Waha Hub Mo Avg) $1.75 $2.61 $2.24 -14.2%
Gas Price (YTD Avg) $1.78 $2.80 $2.53 -9.4%
Rig Count (Month) 77 263 352 33.8%
Rig Count (YTD Avg) 76 250 343 37.2%
Drilling Permits (Month) 448 772 771 -0.1%
Drilling Permits YTD 1,120 1,823 2,000 9.7%
Oil Completions (Month) 179 348 433 24.4%
Oil Completions YTD 557 837 1,469 75.5%
Gas Completions (Month) 67 20 55 175.0%
Gas Completions YTD 216 34 139 308.8%
Oil Production Volume (000's bbls/month) 28,242 56,048 67,243 20.0%
Oil Production Volume YTD 82,610 160,562 190,273 18.5%
Oil Production Value (000's Month) $553,264 $2,550,184 $3,996,101 56.7%
Oil Production Value YTD $1,491,479 $7,736,917 $11,307,112 46.1%
Gas Production Volume (000's MCF/month) 145,571 191,610 220,576 15.1%
Gas Production Volume YTD 428,118 543,204 625,650 15.2%
Gas Production Value (000's Month) $254,748 $500,104 $494,091 -1.2%
Gas Production Value YTD $764,347 $1,518,735 $1,583,173 4.2%
Oil and Gas Employment (Month) 10,235 29,100 36,715 26.2%
Oil and Gas Employment (Avg YTD) 10,215 28,380 32,440 14.3%
Oil and Gas Regional Stock Index** 96.0 1,653.0 1,723.2 4.2%
INDEX (Base = 100 January 1996) 101.0  235.9 302.5 28.2%

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