Texas Upstream Oil and Gas Industry Endures Brutal Downturn in 2nd Quarter of 2020
June 2020 Texas Petro Index falls to 157.5, down 24% year-over-year according to the Texas Alliance of Energy Producers
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On July 30, Alliance EVP & Petroleum Economist Karr Ingham presented the 2020 Midyear Texas Petro Index update.
COVID-19 as a global economic event ravaged energy markets starting in March 2020, and the resulting economic lockdown and deep contraction in energy demand dealt a gut-punch to the Texas oil and gas industry which continues midway through the year. The Texas Alliance of Energy Producers’ Texas Petro Index (TPI), a cyclical measure of the health and vitality of the upstream oil and gas economy in Texas, chronicled that contraction, posting a one-month record decline in April and recording the continued fall in activity levels through June.