Upstream jobs in Texas oil slipped in Nov, trade group says

By Georgina McCartney

HOUSTON (Reuters) – Upstream oil firms wound down hiring in November, the Texas Impartial (LON:IOG) Producers and Royalty House owners Affiliation (TIPRO) stated on Friday, ending 5 straight months of job development.

WHY IT’S IMPORTANT

Hiring within the upstream sector, which incorporates actions associated to drilling and producing oil, can function an indicator of the well being of the oil and gasoline trade. Firms bringing on extra workers may suggest extra drilling to come back.

TIPRO represents almost 3,000 impartial producers and royalty homeowners throughout Texas, residence to the prolific Permian Basin which accounts for slightly below half of whole U.S. crude manufacturing, based on the Vitality Info Administration.

BY THE NUMBERS

Direct Texas upstream employment slipped final month by 1,500 positions to 194,400 in contrast with October’s employment numbers, based on TIPRO.

Jobs in oil and gasoline extraction fell by 600, whereas oilfield service hiring slid by 900 positions.

The U.S. rig rely is down by 34 from a yr in the past to 589, based on knowledge from oilfield companies agency Baker Hughes (NASDAQ:BKR).

CONTEXT

The U.S. oil trade is getting ready for a brand new administration subsequent yr, with President-elect Donald Trump and Republicans anticipated to roll again laws and encourage extra oil and gasoline drilling.

KEY QUOTE

“…TIPRO appears to be like ahead to working with the brand new administration to unleash the true potential of the U.S. oil and gasoline trade and can advocate accordingly on behalf of our members,” stated Ed Longanecker, president of TIPRO.