This paper describes a mostly automatic method for taking the output of a single panning video camera and creating a panoramic video texture (PVT): a video that has been stitched into a single, wide field of view and that appears to play continuously and indefinitely. The key problem in creating a PVT is that although only a portion of the scene has been imaged at any given time, the output must simultaneously portray motion throughout the scene. Like previous work in video textures, our method employs min-cut optimization to select fragments of video that can be stitched together both spatially and temporally. However, it differs from earlier work in that the optimization must take place over a much larger set of data. Thus, to create PVTs, we introduce a dynamic programming step, followed by a novel hierarchical min-cut optimization algorithm. We also use gradient-domain compositing to further smooth boundaries between video fragments. We demonstrate our results with an interactive viewer in which users can interactively pan and zoom on high-resolution PVTs.