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

December 2017

Base Year

December 1996

Last Year

December 2016

This Year

December 2017

% Change

2016-2017

Oil Price/bbl (Mo. Avg WTI Crude) $21.98 $42.06 $53.27 26.6%
Oil Price/bbl (YTD Avg) $20.16 $39.01 $46.70 19.7%
Gas Price (Waha Hub Mo Avg) $2.48 $2.28 $2.59 13.6%
Gas Price (YTD Avg) $1.93 $2.23 $2.70 21.1%
Rig Count (Month) 99 190 321 68.9%
Rig Count (YTD Avg) 82 151 294 94.5%
Drilling Permits (Month) 368 409 781 91.0%
Drilling Permits YTD 4,065 4,187 6,912 65.1%
Oil Completions (Month) 302 155 283 82.6%
Oil Completions YTD 2,273 3,910 3,053 -21.9%
Gas Completions (Month) 91 14 16 14.3%
Gas Completions YTD 710 184 141 -23.4%
Oil Production Volume (000's bbls/month) 27,452 51,391 57,156 11.2%
Oil Production Volume YTD 302,748 532,319 586,676 10.2%
Oil Production Value (000's Month) $603,395 $2,161,397 $3,044,512 40.9%
Oil Production Value YTD $6,101,911 $20,821,132 $27,416,856 31.7%
Gas Production Volume (000's MCF/month) 127,812 173,729 193,693 11.5%
Gas Production Volume YTD 1,381,887 1,756,667 1,944,821 10.7%
Gas Production Value (000's Month) $316,974 $396,101 $501,665 26.7%
Gas Production Value YTD $2,663,279 $3,946,560 $5,253,459 33.1%
Oil and Gas Employment (Month) 10,905 27,015 32,680 21.0%
Oil and Gas Employment (Avg YTD) 10,420 26,480 30,510 15.2%
Oil and Gas Regional Stock Index** 130.1 1,550.8 1,664.8 7.4%
INDEX (Base = 100 January 1996) 112.0  218.4 281.4 28.9%

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