Texas
Texas petroleum industry had unusual year
The petroleum industry in Texas had an unusual year in 2023: it produced more crude oil and natural gas in the state’s history, but declining exploration and production indicators could be sending a different message about the future.
The Texas Petro Index, a monthly measure of growth rates and cycles in the Texas upstream economy, fell for 11 consecutive months in 2023 from 178.3 in December 2022 to 154.4 in December 2023, which is a decline of 13.4%.
“Rising crude oil and natural gas production and still-growing industry employment were unable to offset lower prices, fewer rigs at work, and lower values of statewide production, pushing the TPI downward in 2023 after the January peak,” said Karr Ingham, Petroleum Economist for the Texas Alliance of Energy Producers, and the creator of the TPI analysis. “But Texas oil and gas producers, with extraordinary efficiency and productivity gains on full display, still managed to grow production significantly, setting new records for statewide output along the way.”
Statewide crude oil production in Texas surpassed two billion barrels for the first time ever in 2023, and reached a record 5.62 million barrels per day in December 2023, Ingham said. Daily production, which peaked pre-COVID at 5.45 million barrels in March 2020, finally reached and exceeded that level fully three years later in March 2023. Texas annual crude oil production in 2023 outpaced the 2022 annual total by a stout 8.5%, and comprised 42.6% of U.S. annual production.
Texas natural gas production exceeded 12 trillion cubic feet (TCF) for the first time at an estimated 12.5 TCF in 2023, an increase of 7.4% over the 2022 annual total, Ingham said.
“Surprisingly, however, these milestones were accomplished with a significant and sustained decline in the statewide rig count and fewer drilling permits issued over the course of the year,” Ingham said. “The Texas rig count climbed to its post-COVID high of 379 in January 2023, and then fell by 76 rigs to 303 in November, before adding four rigs in December. At year-end 2023 the rig count was down by nearly 18% compared to the December 2022 monthly average.”
At the same time the number of drilling permits declined by 16.5% in 2023.
It is unusual that production would increase by such a substantial margin (8% for oil and 7% for natural gas) while the drilling permits and the rig count decline by 18% and 16%, respectively.
Additionally, all of this occurred with a workforce that is a third smaller than it was 10 years ago.
“Texas is increasingly leading the way in terms of supply growth domestically and globally, helping to meet the ever-growing demand for abundant, affordable, and reliable energy at home and around the world,” said Ingham. “For this, oil and gas operators in Texas of all shapes and sizes are worthy of thanks, not scorn, and their accomplishments in powering our economy, improving our everyday lives, and enhancing America’s energy security should be widely celebrated.”
Alex Mills is the former President of the Texas Alliance of Energy Producers
Love is in the air, whether you’re celebrating with a sweetheart or your closest friends. North Texas is packed with Valentine’s Day and Galentine’s events that will make February feel extra special.
Here are 10 Valentine’s Day and Galentine’s Day events happening around Dallas-Fort Worth as you start making plans.
VALENTINE’S WEEKEND AT REUNION TOWER
Get a breathtaking view of the Dallas skyline while celebrating on Friday and Saturday of Valentine’s Day weekend. There will be photo ops, specialty cocktails and mocktails, custom cookies, poems, and acoustic music by Mountain Natives on Friday. Saturday will feature a skyline sketch, taught by local artists.
DETAILS: Feb. 13 and 14 from 5 to 9 p.m. Friday and 5 to 10 p.m. on Saturday at Reunion Tower, 300 Reunion Blvd. E, Dallas. Tickets are $63.56 per person and $124.73 for couples.
GRAPEVINE’S WINE, CHOCOLATE & ROMANCE ON MAIN TOUR
Experience an intimate Valentine’s-themed food and wine tour that takes guests on a stroll through historic Main Street in Grapevine. It will feature wine and light bites from local wineries.
DETAILS: Thursdays through Sundays in February from 3 to 5 p.m. 324 S. Main St., Grapevine. Tickets are $123 per person.
Experience an intimate Valentine s-themed food and wine tour that takes guests on a stroll through historic Main Street in Grapevine.
Courtesy of Jennifer Neal
FLAMING COCKTAIL HOT DATE NIGHT
Expect a hot date night where couples can blow and create their own heart or flower made from molten glass. Attendees can also indulge in flaming cocktails to toast their love.
DETAILS: Feb. 11-14 from noon to 7 p.m. at Vetro Glassblowing Studio & Gallery, 701 S. Main St., Grapevine. Tickets are $55 per person.
Expect a hot date night where couples can blow and create their own heart or flower made from molten glass while drinking flaming cocktails.
Courtesy of Vetro Glassblowing S
FORTWORTHIANS101 SPEED DATING EVENT
Restaurant West + Stone at Sheraton Fort Worth Downtown Hotel is co-hosting a Fortworthians101 speed-dating event. Guests are guaranteed to speak to at least 10 people and continue the conversations during a singles mixer after the speed dating concludes.
DETAILS: Feb. 10 from 6:30 to 9:30 p.m. at West + Stone, 1701 Commerce St., Fort Worth. Ages 25-37. Speed dating tickets and mixer tickets ate $47.80; mixer-only tickets are $13.03.
VALENTINE’S WEEKEND MOVIE NIGHT AT WHISKEY RANCH
Guests are invited to bundle up and bring chairs and blankets to watch How to Lose a Guy in 10 Days in the great outdoors. Admission includes a free first cocktail.
DETAILS: Feb. 13 at 7 p.m. at Whiskey Ranch, 2601 Whiskey Ranch Road, Fort Worth. Tickets are $11.99.
GALENTINE’S/VALENTINE’S COOKIE DECORATING & WINE
Decorate cookies with your date or gal pals at this gallery experience. While decorating cookies, enjoy two glasses of wine and admire original artworks from Texas artists.
DETAILS: This event occurs Wednesday through Sunday during February at Giddens Gallery, 624 S. Main St., Grapevine. Ages 21 and up. Tickets are $62.
While decorating cookies, enjoy two glasses of wine and admire original artworks from Texas artists at Giddens Gallery.
Courtesy of Giddens Gallery
LOVE LETTERS-RUNWAY THEATRE
Watch an intimate, moving play with your loved ones that spans decades of hopes, dreams, and heartfelt words.
DETAILS: Feb. 13-15 at 3 and 8 p.m. at Runway Theatre, 215 N Dooley St., Grapevine. Tickets are $30.
VALENTINE’S/GALENTINE’S DAY AT PEGASUS PLAZA
Take a trip to downtown Dallas with your bestie or date and attend the free Valentine’s/Galentine’s Day event at Pegasus Plaza. It will have a doggy kissing booth, free photo booth and free flowers.
DETAILS: Feb. 13 from 11 a.m. to 2 p.m. at Pegasus Plaza, 1500 Main St., Dallas. Free.
DFW LADIES GALENTINE’S GAL HIKE
Celebrate female friendships with a hike with all your gal pals. The hike starts on the Arbor Hills Trail, heads up to the Pond of Vasil Levski, continues to the Observation Deck, and then loops back through the prairie trail. Attendees are invited to wear pink. After the hike, there will be a brunch at restaurant Whiskey Cake.
DETAILS: Feb. 7 from 9:30 a.m. to noon at Arbor Hills Nature Preserve, 6701 West Parker Road, Plano. Free.
Celebrate female friendships with a hike with all your gal pals, hosted by Texas Ladies Get Outdoors and Travel group.
Courtesy of Texas Ladies Get Out
MCKINNEY GALENTINE’S POP UP
The Stix Icehouse will have a special Galentine’s Day celebration filled with shopping, jewelry and music bingo. Attendees can also create custom-made permanent jewelry and a trucker hat.
DETAILS: Feb. 11 from 6 to 9:30 p.m. at The Stix Icehouse, 301 Eldorado Pkwy., Suite #100, McKinney. Free.
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