This opinion piece presents the opinions of the author. It does not necessarily reflect the views of Rigzone. The upstream oil and gas economy in Texas ventured further into uncharted territory in February, as rapidly increasing production, higher wellhead prices, and revised statewide employment numbers boosted the Texas Petro Index (TPI) to a record 300.6. “Texas producers increased oil output by more than 22 percent in February compared to February 2103, and natural gas production was up about 1.0 percent,” said Karr Ingham, the economist who created the TPI and updates it monthly. “Combined with higher wellhead prices for both commodities, the value of oil and gas produced in Texas during February increased by more than $2.85 billion in the past year to about $10.63 billion.” Ingham noted that Texas producers recovered about 2.75 million bbls per day of crude oil during February, “the most since 1980.” Ingham said […]