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. 


Texas Permian Basin Petroleum Index

Oil and Gas Indicators

June 2019

Base Year

June 1996

Last Year

June 2018

This Year

June 2019

% Change

2018-2019

Oil Price/bbl (Mo. Avg WTI Crude) $18.83 $63.75 $51.35 -19.5%
Oil Price/bbl (YTD Avg) $19.04 $61.86 $53.84 -13.0%
Gas Price (Waha Hub Mo Avg) $2.01 $1.97 $0.29 -85.4%
Gas Price (YTD Avg) $1.89 $2.29 $0.67 -70.7%
Rig Count (Month) 78 384 341 -11.2%
Rig Count (YTD Avg) 76 358 358 0.2%
Drilling Permits (Month) 273 747 626 -16.2%
Drilling Permits YTD 2,168 4,248 3,868 -8.9%
Oil Completions (Month) 221 521 458 -12.1%
Oil Completions YTD 1,089 2,905 2,216 -23.7%
Gas Completions (Month) 66 31 91 193.5%
Gas Completions YTD 381 236 374 58.5%
Oil Production Volume (000's bbls/month) 26,646 82,544 103,502 25.4%
Oil Production Volume YTD 164,040 467,332 599,895 28.4%
Oil Production Value (000's Month) $501,761 $5,262,190 $5,314,844 1.0%
Oil Production Value YTD $3,123,450 $28,966,446 $32,352,758 11.7%
Gas Production Volume (000's MCF/month) 123,853 264,164 338,464 28.1%
Gas Production Volume YTD 747,706 1,479,489 1,969,572 33.1%
Gas Production Value (000's Month) $248,944 $520,403 $97,252 -81.3%
Gas Production Value YTD $1,411,658 $3,350,739 $1,276,306 -61.9%
Oil and Gas Employment (Month) 10,285 41,990 45,790 9.0%
Oil and Gas Employment (Avg YTD) 10,185 39,770 43,065 8.3%
Oil and Gas Regional Stock Index 86.1 1,415.4 1,247.3 -11.9%
INDEX (Base = 100 January 1996) 101.7 329.6 332.0 0.7%