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

December 2018

Base Year

December 1996

Last Year

December 2017

This Year

December 2018

% Change

2017-2018

Oil Price/bbl (Mo. Avg WTI Crude) $23.37 $54.57 $45.31 -17.0%
Oil Price/bbl (YTD Avg) $20.43 $47.36 $61.27 29.4%
Gas Price (Waha Hub Mo Avg) $3.59 $2.59 $1.87 -27.8%
Gas Price (YTD Avg) $2.07 $2.70 $2.04 -24.2%
Rig Count (Month) 89 325 382 17.5%
Rig Count (YTD Avg) 83 296 371 25.3%
Drilling Permits (Month) 372 532 475 -10.7%
Drilling Permits YTD 4,437 7,444 7,875 5.8%
Oil Completions (Month) 128 416 343 -17.5%
Oil Completions YTD 2,401 3,469 5,538 59.6%
Gas Completions (Month) 49 19 57 200.0%
Gas Completions YTD 730 160 517 223.1%
Oil Production Volume (000's bbls/month) 28,017 71,463 91,349 27.8%
Oil Production Volume YTD 329,070 734,397 951,457 29.6%
Oil Production Value (000's Month) $654,766 $3,899,903 $4,138,683 6.1%
Oil Production Value YTD $6,726,849 $34,872,634 $58,113,688 66.6%
Gas Production Volume (000's MCF/month) 127,703 225,659 283,139 25.5%
Gas Production Volume YTD 1,510,674 2,397,208 3,057,685 27.6%
Gas Production Value (000's Month) $458,453 $584,458 $529,469 -9.4%
Gas Production Value YTD $3,123,987 $6,440,928 $6,178,481 -4.1%
Oil and Gas Employment (Month) 10,855 35,350 42,585 20.5%
Oil and Gas Employment (Avg YTD) 10,460 31,680 41,210 30.1%
Oil and Gas Regional Stock Index 116.0 1,473.1 1,434.6 -2.6%
INDEX (Base = 100 January 1996) 111.5 288.7 343.8 19.1%