Ask Mr. Smarty Plants

You are likely right on both accounts.  Hurricane Ike and the subsequent year of drought conditions have stressed pine trees, making them prone to disease and insect attack.  There are several types of beetles that attack pine trees and you can contact your local Extension Office to find out if there is a particular pest causing damage in your area.  Also, the Texas Forest Service has a webpage (link below) that gives an overview of several different pine tree pests.  Based on your description, it sounds to me like you have Pine engraver beetles (Ips beetles).  Take a look at Evidence of Beetle Attacks on the Texas Forest Service website and compare your trees with the detailed photographs of Ips beetle colonization to determine if that is indeed the critter you are dealing with.  Unfortunately, the Texas Forest Service doesn't offer a chip of hope for pine trees already infested by the Ips beetle, advising home owners to promptly remove infested trees to prevent emerging adult beetles from attacking neighboring pine trees.  If your trees are not yet under attack, then prevention is your best and only defense.  When there hasn't been enough rain, water the trees slowly and deeply (1" to 4" of water every 10 days or so) beneath the canopy, but not right next to the trunk.  Avoid damage to the bark and limbs that could be caused by weed trimmers or pruning and damage to the root system caused by vehicles or construction equipment compacting the soil.  The beetles prefer to colonize sick and injured trees, so if you can maintain the health of your trees, the beetles will likely pass them up for weaker specimens.

Pest Management

Prevention & Control of Pine Engraver Beetles