Texas Petro Index from Texas Alliance of Energy Producers posted its 18th straight monthly decline to 150.4 in August 2020 from 154.5 in July 2020 and 213.2 in February 2019 before current streak began. The index by economist Karr Ingham has lost about 30 percent of its value during this 18-month decline. The rig count was pushed to its lowest level since Baker Hughes began records in 1944, and tens of thousands of upstream oil and gas jobs were eliminated.
Since the industry employment peak in December 2018, upstream industry employment in Texas (operating, producing, service, drilling) has fallen by more than 72,000 jobs, including 52,000 since February 2020. Base index of 100.0 was January 1995 with peak of 313.9 in November 2014. From August 2019 to August 2020, oil price (monthly average) fell 25.6 percent, rig count fell 76.6 percent, drilling permits fell 53.0 percent, and oil production volume fell 6.5 percent.
The alliance’s Permian Basin index also has fallen 18 consecutive months to 250.0 in August 2020 (254.9 in July 2020, base 100.0 in January 1996). Peaks were 352.8 in October 2018 and 384.9 in November 2014.