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

March 2019

Base Year

March 1996

Last Year

March 2018

This Year

March 2019

% Change

2018-2019

Oil Price/bbl (Mo. Avg WTI Crude) $19.59 $59.43 $54.56 -8.2%
Oil Price/bbl (YTD Avg) $18.03 $59.42 $51.35 -13.6%
Gas Price (Waha Hub Mo Avg) $1.75 $2.24 $0.69 -69.2%
Gas Price (YTD Avg) $1.78 $2.53 $1.35 -46.8%
Rig Count (Month) 77 352 356 1.1%
Rig Count (YTD Avg) 76 343 367 7.1%
Drilling Permits (Month) 448 771 676 -12.3%
Drilling Permits YTD 1,120 2,000 2,078 3.9%
Oil Completions (Month) 179 433 226 -47.8%
Oil Completions YTD 557 1,469 962 -34.5%
Gas Completions (Month) 67 55 37 -32.7%
Gas Completions YTD 216 139 175 25.9%
Oil Production Volume (000's bbls/month) 28,242 79,930 98,329 23.0%
Oil Production Volume YTD 82,610 221,378 279,544 26.3%
Oil Production Value (000's Month) $553,264 $4,750,049 $5,364,462 12.9%
Oil Production Value YTD $1,491,479 $13,156,050 $14,367,726 9.2%
Gas Production Volume (000's MCF/month) 126,648 251,345 318,422 26.7%
Gas Production Volume YTD 372,041 694,804 896,148 29.0%
Gas Production Value (000's Month) $221,634 $563,013 $219,711 -61.0%
Gas Production Value YTD $664,234 $1,755,093 $1,191,116 -32.1%
Oil and Gas Employment (Month) 10,235 39,260 42,950 9.4%
Oil and Gas Employment (Avg YTD) 10,215 38,385 42,160 9.8%
Oil and Gas Regional Stock Index 96.0 1,351.9 1,345.2 -0.5%
INDEX (Base = 100 January 1996) 99.9 309.4 345.2 11.6%