Permian Basin Economic Indicators

The Permian Basin oil region is the 2nd largest oil and gas shale producer in the world. In fact, outside of Houston, no other area in the US plays a more important role in the nation’s energy industry than the Permian Basin. Midland’s economy is heavily influenced by the oil and gas industry, an industry that has continued to grow as technology has made it possible for U.S. companies to remain competitive at home and abroad. The petroleum industry in the Midland area has experienced 28% year-over-year growth.


Texas Permian Basin Petroleum Index

Oil and Gas Indicators

August 2018

Base Year

August 1996

Last Year

August 2017

This Year

August 2018

% Change

2017-2018

Oil Price/bbl (Mo. Avg WTI Crude) $20.35 $44.70 $64.28 43.8%
Oil Price/bbl (YTD Avg) $19.28 $45.79 $62.86 37.3%
Gas Price (Waha Hub Mo Avg) $2.07 $2.66 $1.85 -30.5%
Gas Price (YTD Avg) $1.94 $2.75 $2.21 -19.7%
Rig Count (Month) 85 318 383 20.4%
Rig Count (YTD Avg) 79 285 363 27.5%
Drilling Permits (Month) 432 690 603 -12.6%
Drilling Permits YTD 2,925 4,986 5,577 11.9%
Oil Completions (Month) 163 321 406 26.5%
Oil Completions YTD 1,392 2,431 3,740 53.8%
Gas Completions (Month) 74 7 23 228.6%
Gas Completions YTD 505 97 279 187.6%
Oil Production Volume (000's bbls/month) 27,451 62,622 75,823 21.1%
Oil Production Volume YTD 218,983 459,657 572,731 24.6%
Oil Production Value (000's Month) $558,631 $2,799,326 $4,874,057 74.1%
Oil Production Value YTD $4,223,384 $20,983,857 $36,048,081 71.8%
Gas Production Volume (000's MCF/month) 127,888 205,363 248,933 21.2%
Gas Production Volume YTD 1,004,624 1,502,622 1,845,509 22.8%
Gas Production Value (000's Month) $264,728 $546,266 $460,527 -15.7%
Gas Production Value YTD $1,946,058 $4,127,644 $4,046,549 -2.0%
Oil and Gas Employment (Month) 10,660 33,120 40,850 23.3%
Oil and Gas Employment (Avg YTD) 10,290 30,195 38,535 27.6%
Oil and Gas Regional Stock Index 89.0 1,648.4 1,460.5 -11.4%
INDEX (Base = 100 January 1996) 104.2 266.9 333.9 25.1%