Falling rig count combined with steep declines in drilling permits, industry employment and crude oil production pushed the Texas Petro Index down again in May to 163.5 – down 22.5 percent from 210.7 of a year ago May 2019. It was the 15th consecutive month of decline for the index developed by petroleum economist Karr Ingham (base 100 in January 1995, peak 313.9 in November 2014). The index was 171.0 in April.
Texas rig count reached its lowest on record in May since Baker Hughes began keeping records in 1944, employment is down by 37,000 jobs in the state since February, and production has declined by more than 670,000 barrels per day in May from its March peak of more than 5.4 million b/d.