• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 1 hour Australian Voters Reject 'Climate Change' Politicians
  • 8 hours Australia Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
  • 34 mins Shale to be profitable in 2019!!!
  • 12 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 2 hours Global Warming Making The Rich Richer
  • 16 hours IMO2020 To scrub or not to scrub
  • 16 hours California Threatens Ban on ICE Cars
  • 16 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 2 mins Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 2 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 8 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 16 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 8 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 12 hours Some Good News on Climate Change Maybe
A Double Dose Of Chaos For Oil Markets

A Double Dose Of Chaos For Oil Markets

An escalating trade war between…

What The Market Is Overlooking In The Occidental Deal

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Texas Drilling Industry Ends 19-Month Job Bleed In July

Texas Oil

Texas’ drilling companies added 100 jobs in July, marking the first monthly increase of the kind in the state’s energy sector for 19 straight months, according to Amarillo-based economist Karr Ingham.

Oil producers, service companies and rig contractors have fired over 102,000 people in Texas – or about one-third of the state’s energy industry - since January 2015, but the small job increase in July may indicate a coming employment rebound.

“It’s not spectacular, but it’s a gain rather than a loss,” Ingham said. The economist is known for publishing the monthly Texas Petro Index (TPI), which tracks several factors to measure the health of the state’s oil and gas sector.

“I believe it’s a recovery in the making, but it’s a slow, frustrating and torturous one because prices aren’t going up as much as most people hoped,” he said. "But the first thing was the bleeding had to stop, and it looks like we may be at that point.”

When oil prices fell in 2014, 733 rigs in the state had to be shut down, causing thousands of job losses.

"[It was] a set of falling dominos,” Ingham said. “They’re being set up again.”

The TPI contracted in July due to a decline in drilling and related activity, but August and September could see greater improvement vis-à-vis the index as oil prices recover.

Drilling activity in Texas has been on the rise; 68 rigs have returned to production in the past four months, bringing the state’s count to 241.

Employment in Texas’ oil sector is still close to levels not seen since the aftermath of the financial crisis in 2009.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News