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

September 2018

Base Year

September 1996

Last Year

September 2017

This Year

September 2018

% Change

2017-2018

Oil Price/bbl (Mo. Avg WTI Crude) $22.23 $46.06 $66.57 44.5%
Oil Price/bbl (YTD Avg) $19.61 $45.82 $63.27 38.1%
Gas Price (Waha Hub Mo Avg) $1.59 $2.65 $1.50 -43.4%
Gas Price (YTD Avg) $1.90 $2.74 $2.13 -22.2%
Rig Count (Month) 83 316 388 22.8%
Rig Count (YTD Avg) 79 288 366 26.9%
Drilling Permits (Month) 342 564 601 6.6%
Drilling Permits YTD 3,267 5,550 6,178 11.3%
Oil Completions (Month) 210 198 359 81.3%
Oil Completions YTD 1,602 2,629 4,099 55.9%
Gas Completions (Month) 51 11 36 227.3%
Gas Completions YTD 556 108 315 191.7%
Oil Production Volume (000's bbls/month) 26,859 62,671 75,583 20.6%
Oil Production Volume YTD 245,842 523,917 657,856 25.6%
Oil Production Value (000's Month) $597,084 $2,886,528 $5,031,343 74.3%
Oil Production Value YTD $4,820,468 $23,941,577 $41,683,898 74.1%
Gas Production Volume (000's MCF/month) 122,916 202,177 242,119 19.8%
Gas Production Volume YTD 1,127,540 1,710,868 2,105,687 23.1%
Gas Production Value (000's Month) $195,436 $535,769 $363,178 -32.2%
Gas Production Value YTD $2,141,494 $4,679,735 $4,449,686 -4.9%
Oil and Gas Employment (Month) 10,600 33,725 40,830 21.1%
Oil and Gas Employment (Avg YTD) 10,325 30,585 38,810 26.9%
Oil and Gas Regional Stock Index 93.5 1,609.0 1,483.0 -7.8%
INDEX (Base = 100 January 1996) 105.6 271.8 338.8 24.7%