Texas Petro Index increased for the ninth straight month in December 2021 to 172.6 from 169.1 in November 2021 and 134.0 a year ago in December 2020 (up 29 percent in a year). The index, which started with a base of 100 in January 1995, is prepared by economist Karr Ingham for Texas Alliance of Energy Producers. He said, “The Texas oil and gas exploration and production economy enjoyed a year of recovery in 2021 on the heels of nearly two years of contraction… The index has been steadily on the rise … with higher prices, growing rig count and return to at least modest growth in industry employment.”
Ingham said the index, based on a comprehensive group of E&P indicators, is unlikely to surpass its high of 314.0 in November 2014 because of increases in efficiency and productivity. He added, “Fewer rigs, employees and other resources are required to produce record and growing volumes of crude oil and natural gas.”