Texas Petro Index declined for the 21st straight month in November 2020 to 137.0 from 139.9 in October 2020 and 194.8 in November 2019 (down 30 percent in past year). The monthly TPI report from petroleum economist Karr Ingham added, “Improvements in prices and rig count will eventually – and hopefully sooner rather than later – lead to a trough in the TPI and the onset of a new cycle of recovery and expansion after a long and difficult contraction.”
The TPI table of monthly upstream oil and gas indicators in Texas continues to indicate deep year-over-year negatives in crude oil prices, rig count, number of drilling permits issued, statewide values of crude oil production, and upstream industry employment. TPI was in contraction for more than a year before the pandemic started in March 2020.
Ingham said prices have improved, rig count is climbing, employment is up and production has grown as wells have restarted and new production comes online.