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% |
