Oil and Gas Numbers Boom; ‘A new cycle of expansion,’ Expert says

Houston Chronicle | David Hunn

The new Texas Pestro Index report indicates a new cycle of expansion in the oil and gas industry.

The oil and gas industry is well into its recovery and embarking on “a new cycle of expansion,” according to the Texas Petro Index released Wednesday. The rig count is up 40 percent over the first quarter last year. Drilling permits have doubled. Employment has risen by 9,000 from the trough. First quarter highlights include an average rig count above 360, more than 40 percent better than the same quarter last year, a doubling of drilling permits to 3,250, and a more-than-50 percent increase in average crude prices to almost $48.50 a barrel and natural gas to $3 per thousand cubic feet.

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