By OGJ editors
HOUSTON, Mar. 28 -- An economist who prepares the Texas PetroIndex for the Texas Alliance of Energy Producers, Wichita Falls, expects a leveling of index statistics from previous roller-coaster patterns.
Karr Ingham, president of Economic Reporting, Amarillo, said oil and natural gas prices are hovering at higher levels for longer periods than they did 10 years ago. But he stopped short of forecasting an end of cycles.
The index is a monthly composite of more than 20 Texas oil and gas production and exploration indicators, based at 100 in January 1995. For December 2004, the index was 165. It climbed to 167.4 in January. Ingham forecasts the index will reach 182 by December.
The number of gas well completions spiked between yearend 2004 and yearend 2003. Statistics showed 875 gas well completions during December 2004 compared with 474 for the same period a year earlier and 287 in December 1995.
