Texas Petro Index: Oil and Gas Activity Declines in First Half of 2023, Even as State Sets New Crude Oil Production Record
AUSTIN, Texas – Aug. 8, 2023 – While the Texas Petro Index (TPI) has declined across most upstream oil and gas indicators in the first half of 2023, Texas crude oil production has reached record levels during the same period. Production has now fully recovered its COVID-related declines from 2020, according to revised estimates from the U.S. Energy Information Administration, the Railroad Commission of Texas, and the Texas Alliance of Energy Producers.
“Texas daily crude oil production topped out at 5.45 million barrels per day in March 2020 and then dropped by 1.22 million bpd in April and May in response to sharp demand declines and crashing prices,” said Karr Ingham, Alliance Petroleum Economist and the creator of the TPI analysis. “Revised estimates, released just this week, indicate that Texas finally recovered that lost production exactly three years later in March 2023.”
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