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

January 2019

Base Year

January 1996

Last Year

January 2018

This Year

January 2019

% Change

2018-2019

Oil Price/bbl (Mo. Avg WTI Crude) $17.31 $60.10 $47.96 -20.2%
Oil Price/bbl (YTD Avg) $17.31 $60.10 $47.96 -20.2%
Gas Price (Waha Hub Mo Avg) $1.92 $3.18 $2.00 -37.1%
Gas Price (YTD Avg) $1.92 $3.18 $2.00 -37.1%
Rig Count (Month) 75 329 378 14.9%
Rig Count (YTD Avg) 75 329 378 14.9%
Drilling Permits (Month) 318 656 801 22.1%
Drilling Permits YTD 318 656 801 22.1%
Oil Completions (Month) 185 550 424 -22.9%
Oil Completions YTD 185 550 424 -22.9%
Gas Completions (Month) 71 35 93 165.7%
Gas Completions YTD 71 35 93 165.7%
Oil Production Volume (000's bbls/month) 28,097 72,242 92,628 28.2%
Oil Production Volume YTD 28,097 72,242 92,628 28.2%
Oil Production Value (000's Month) $486,366 $4,341,533 $4,442,390 2.3%
Oil Production Value YTD $486,366 $4,341,533 $4,442,390 2.3%
Gas Production Volume (000's MCF/month) 126,417 223,683 286,577 28.1%
Gas Production Volume YTD 126,417 223,683 286,577 28.1%
Gas Production Value (000's Month) $242,720 $711,312 $573,154 -19.4%
Gas Production Value YTD $242,720 $711,312 $573,154 -19.4%
Oil and Gas Employment (Month) 10,205 37,415 44,370 18.6%
Oil and Gas Employment (Avg YTD) 10,205 37,415 44,370 18.6%
Oil and Gas Regional Stock Index 100.0 1,429.4 1,404.6 -1.7%
INDEX (Base = 100 January 1996) 100.0 296.8 347.9 17.2%