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

June 2018

Base Year

June 1996

Last Year

June 2017

This Year

June 2018

% Change

2017-2018

Oil Price/bbl (Mo. Avg WTI Crude) $18.83 $41.71 $63.75 52.8%
Oil Price/bbl (YTD Avg) $19.04 $46.42 $61.86 33.3%
Gas Price (Waha Hub Mo Avg) $2.01 $2.66 $1.97 -25.9%
Gas Price (YTD Avg) $1.89 $2.77 $2.29 -17.6%
Rig Count (Month) 78 309 384 24.3%
Rig Count (YTD Avg) 76 274 358 30.6%
Drilling Permits (Month) 273 750 747 -0.4%
Drilling Permits YTD 2,168 3,685 4,248 15.3%
Oil Completions (Month) 221 303 521 71.9%
Oil Completions YTD 1,089 1,779 2,905 63.3%
Gas Completions (Month) 66 15 31 106.7%
Gas Completions YTD 381 86 236 174.4%
Oil Production Volume (000's bbls/month) 26,646 58,563 72,089 23.1%
Oil Production Volume YTD 164,040 334,509 414,733 24.0%
Oil Production Value (000's Month) $501,761 $2,442,570 $4,595,650 88.1%
Oil Production Value YTD $3,123,450 $15,487,564 $25,692,967 65.9%
Gas Production Volume (000's MCF/month) 142,682 199,968 243,522 21.8%
Gas Production Volume YTD 860,663 1,141,451 1,389,550 21.7%
Gas Production Value (000's Month) $286,790 $531,914 $479,739 -9.8%
Gas Production Value YTD $1,624,929 $3,164,187 $3,157,537 -0.2%
Oil and Gas Employment (Month) 10,285 30,955 39,640 28.1%
Oil and Gas Employment (Avg YTD) 10,185 29,335 37,714 28.6%
Oil and Gas Regional Stock Index 82.4 1,673.1 1,782.3 6.5%
INDEX (Base = 100 January 1996) 101.5 254.0 322.5 27.0%