Although the Texas upstream oil and gas industry remained in contraction in the third quarter, signs have emerged in employment and rig counts that the sector may have already seen the worst of the downturn and could be headed to recovery, the Texas Alliance of Energy Producers said in its latest Texas Petro Index (TPI) this week. The exploration and production activity index in Texas declined for the 19th month in a row in September, falling to 145.4 from 150.4 in August, and down by 27.5 percent compared to the September 2019 index. The TPI saw a recent peak in February 2019, and has lost around 32 percent since then, including more than 23 percent since February 2020. “While the index continued its decline, September was an important month because it provides some important signals of the coming recovery in the Texas upstream oil and gas economy,” the Texas […]