Texas oil and gas operators are proving they can produce more crude with fewer resources, according to the Texas Petro Index. Texas crude oil production continues to break records in 2019. This comes in spite of declines in rig count, drilling permits, well completions and E&P employment, according to the Texas Alliance of Energy Producers’ Texas Petro Index. The Texas Petro Index (TPI), a monthly measure of growth rates and cycles in the Texas upstream oil and gas economy based on rig count, drilling permits, well completions and employment, declined in 1Q 2019. “Typically, these E&P indicators decline during an observable, sustained contraction in oil and gas activity, but that doesn’t appear to be what we’re seeing now,” said Karr Ingham, petroleum economist for the Texas Alliance of Energy Producers and creator of the TPI. “I do think these decreases can partly – even largely – be attributed to […]