Texas Petro Index declines for 12th straight month to 188.5 in February

Texas Petro Index by petroleum economist Karr Ingham declined in February for the 12th consecutive month to 188.5 from 191.9 a month ago in January 2020 and 213.2 a year ago in February 2019 (down 11.8 percent in past year). The index is based on a comprehensive set of economic indicators in the industry (base 100 in February 1995, peak 313.9 in November 2014).
Ingham said in February 2020 for the past year oil price (monthly average) was down 8.4 percent, natural gas price (first of month spot index) was down 40.8 percent, rig count was down 22.3 percent, drilling permits were down 9.1 percent, oil completions were up 25.3 percent, oil production was up 14.7 percent, gas production was up 12.6 percent, and total industry employment was down 6.9 percent.