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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Petro index declines again as production grows, total employment declines

March 27, 2020 by PBOG

Texas Petro Index by petroleum economist Karr Ingham declined for the 11th straight month in January 2020 to 191.9 after 193.6 the previous month in December 2019 and 212.5 a year ago in January 2019 (base 100 in January 1995, peak 313.9 in November 2014). In the past year, as of January, oil price (monthly average) was up 13.6 percent, natural gas price (first of month spot index) was down 39.9 percent, rig count was down 24.3 percent, drilling permits were down 3.3 percent, oil well completions were up 24.9 percent, oil production volume was up 9.5 percent, gas production volume was up 9.0 percent, total industry employment was down 7.0 percent, and total industry extraction employment was up 9.0 percent.

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