Texas Petro Index from Texas Alliance of Energy Producers fell to 157.5 for June for a decline of 24 percent since TPI was 207.1 a year ago. It was the 16th straight month for TPI from petroleum economist Karr Ingham to decline. Ingham said, “Crude oil prices declined sharply beginning in March along with the rig count, drilling permits and upstream direct employment (exploration and production). Crude oil production in Texas peaked in March 2020 and has declined at a record pace since then, falling by over 710,000 barrels per day in just three months… The contraction has taken a deep and sharp toll on the statewide rig count and the number of employees working in the oil and gas production industry in Texas.”
The index is calculated based on a comprehensive group of exploration and production indicators. After base 100 in January 1995, it reached 287.6 in October 2008 and 313.9 in November 2014 before falling to 146.6 in November 2016.