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U.S. Oilfield Services Job Losses Accelerate

The U.S. oilfield services industry lost another 9,000 jobs in July, up by 43 percent compared to the jobs lost in June, Bloomberg quoted the latest report from the Petroleum Equipment and Services Association (PESA) as saying on Monday.

Last month, the oilfield services sector in the United States lost another 9,344 jobs, accelerating the job losses from June, with total jobs lost in the oilfield services industry at 99,253 since the pandemic crushed oil prices and oil demand, according to the report.

The worst job losses may yet to come, according to the association.

“Industry analysts anticipate additional job losses as the pandemic continues and jobs supported by emergency measures such as the Paycheck Protection Program are threatened by congressional inaction,” the report says, as carried by Bloomberg.

Between the start of the pandemic and the end of May, 84,908 jobs in the oilfield services sector were lost, according to PESA’s analysis of Bureau of Labor Statistics (BLS) data.

By the end of June, the sector employment fell by another 8,600 jobs, bringing total job losses due to pandemic-related demand destruction to nearly 94,000. Oilfield services and equipment (OFS) employment is down by 116,000 jobs from June 2019 and is at its lowest point since March 2017, PESA said in its previous report in July.

The worst losses came in April, when 59,306 jobs in the U.S. oilfield services industry were lost — the largest one-month total since at least 2013.

So far this year, several states have lost more than 4,000 oilfield services jobs, PESA said in early July. The biggest oil-producing state, Texas, leads the job losses with 57,000, followed by Louisiana with 9,700, Oklahoma with 8,800, Colorado with 4,800, New Mexico with 4,300 oilfield services jobs lost, California with 4,300, and Pennsylvania with 4,200 job losses in the sector.

By Tsvetana Paraskova for Oilprice.com

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