Oil and gas industry contracts, production still increases in texas.

According to the Texas Alliance of Energy Producers (TAEP) Texas Petro Index (TPI), 2019 was a year of contraction in the Texas upstream oil and gas economy. This is the key finding enunciated by TAEP Executive Vice President and Economist Karr Ingham during a briefing for industry media in Houston on Tuesday. According to Ingham, the index achieved its cyclical peak in February 2019 and declined for 10 straight months to finish the year at 193.6 in December, down 9.1 percent from the December 2018 TPI figure of 213.1.

Through December, the TPI has lost 9.4 percent of its...