TPI Observes Slow, Steady Recovery

摘要

Midway through the year, the Texas Alliance of Energy Producers' Texas Petro Index indicates the upstream oil and gas economy is on the mend following a double barrel contraction in 2019 and 2020. The Alliance offered the midyear update on July 27, at which point the TPI had increased for three straight months, and four of the last five months, which the association says signals a new cycle of expansion in statewide exploration, drilling and production activity. According to Alliance petroleum economist Karr Ingham, who created the TPI and maintains it monthly, the index improved to 147.2 in June, up from 143.1 in May, but down 7.2% compared with the June 2020 index of 158.6. The Texas Petro Index reached its most recent cyclical peak of 213.6 in February 2019 and falls short of that by about 31 % through June. From peak to trough, Ingham notes, the contraction lasted 23 months-February 2019 through January 2021-over which time the Texas Petro Index declined 38.6%. The TPI, based at 100.0 in January 1995, achieved its all-time high of 314.0 in November 2014.