• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 5 hours U.S. Shale Oil Debt: Deep the Denial
  • 6 hours Satellite Moons to Replace Streetlamps?!
  • 2 days EU to Splash Billions on Battery Factories
  • 22 hours The Dirt on Clean Electric Cars
  • 9 hours Why I Think Natural Gas is the Logical Future of Energy
  • 5 hours Can “Renewables” Dent the World’s need for Electricity?
  • 21 mins Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 19 hours Owning stocks long-term low risk?
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 3 days Uber IPO Proposals Value Company at $120 Billion
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 2 days The end of "King Coal" in the Wales
  • 8 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
The Dark Horse Of The Oil Price Rally

The Dark Horse Of The Oil Price Rally

Vietnam is set to break…

Rig Count Rises Amid Oil Price Recovery

Rig Count Rises Amid Oil Price Recovery

The active number of rigs…

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:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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