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An index measuring the health of the Texas oil industry tumbled again in October for the 11th straight month as producers shut down additional rigs and more of the state’s oil and gas workers lost their jobs.
The number of oil and gas job losses may be thousands more than the Texas Alliance of Energy Producers initially projected.
The oil slump has claimed at least 28,300 oil and gas jobs in Texas since December as the industry continues to pare back amid the worst downturn in years.
Even as oil companies pare their spending budgets and pull back from some drilling activity, production in Texas has unexpectedly continued surging toward all-time highs, Karr Ingham, an economist for the Texas Alliance of Energy Producers, said Monday at his twice-per-year assessment of the state’s oil industry.
Every economic indicator measured by the index fell in January, the report indicated.
A prominent oil economist says Texas could lose 50,000 upstream jobs as a result of low oil prices.
According to the Texas Petro Index, oil production in Texas rose almost 20 million barrels.
The 302,700 workers estimated to work for services and exploration and production companies marked the first time employment in the industry has exceeded 300,000 since his Texas Petro Index began tracking the numbers in 1995, said its developer, economist Karr Ingham.
The Texas oil and gas industry is approaching records set in the 1970s, according to the latest Texas Petro Index.
An index that measures oil and gas activity in Texas reached a record level last month, bolstered by rising production and wellhead prices.