Texas Petro Index declines 100 points in last 12 months

Tom Hinde

The Texas Petro Index (TPI) declined again in October for the 11th straight month. "Until crude oil production actually begins to decline meaningfully and the volume of oil in storage begins to contract rather than expand, there is little reason to expect prices to recover and activity levels to begin to increase," said economist Karr Ingham with the Texas Alliance of Energy Producers.

Estimated crude oil production in Texas totaled nearly 107 million barrels in October, up nearly 7 million barrels year-over-year. Estimated Texas natural gas output was about 753.4 billion cubic feet, an increase of 1.7 percent over October 2014. The Baker Hughes count of active drilling rigs in Texas averaged 349, compared to 899 in October of 2014. The number of Texans on oil and gas industry payrolls averaged an estimated 250,230, about 17.8 percent less than in October 2014.

The TPI is a service of the Texas Alliance of Energy Producers, the nation's largest state association of independent oil and gas producers.