Texas oil companies expanded payrolls for the third month in a row in March amid a surge in drilling activity, the Dallas Fed says.
The number of oil and gas jobs in the state rose by 3,500 to 211,700 in March, with the biggest gains coming from the oil field services sector, according to a report from the Federal Reserve Bank of Dallas this week.
Drillers have dispatched most of the influx of oil rigs to the Permian Basin in West Texas, bringing the rig count there to 337 in April, up from 310 in March.
“Better economics and higher interest due to the region’s favorable geology have likely contributed to the rise,” the Dallas Fed said. “Many shale formations in the Permian are stacked, making it efficient to drill into different reservoirs from the same location.”