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10:37:28 | Energy

TIPRO NEWS RELEASES AND STATEMENTS

Texas Oil and Natural Gas Production Increases as Geopolitical Conflicts Escalate

Austin, Texas – Citing the latest Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS), the Texas Independent Producers and Royalty Owners Association (TIPRO) today highlighted new employment figures showing an increase in upstream employment for the month of March 2024. According to TIPRO’s analysis, direct Texas upstream employment for March totaled 196,500, an increase of 4,500 jobs from February employment numbers, subject to revisions.

 

TIPRO’s new employment data yet again indicated strong job postings for the Texas oil and natural gas industry during the month of March. According to the association, there were 11,524 active unique jobs postings for the Texas oil and natural gas industry last month, including 3,839 new job postings added during the month by companies. In comparison, the state of California had 4,394 unique job postings last month, followed by New York (2,382), Florida (2,311), Louisiana (1,942) and Pennsylvania (1,751). TIPRO reported a total of 63,330 unique job postings nationwide last month within the oil and natural gas sector.

 

Among the 19 specific industry sectors TIPRO uses to define the Texas oil and natural gas industry, Support Activities for Oil and Gas Operations led in the ranking for unique job listings in March with 2,805 postings, followed by Gasoline Stations with Convenience Stores (2,525) and Crude Petroleum Extraction (993). The leading three cities by total unique oil and natural gas job postings were Houston (3,290), Midland (886) and Odessa (527), said TIPRO.

 

The top three companies ranked by unique job postings in March were Cefco (1,087), Love’s (551) and Zachry Brands (390), according to TIPRO. Of the top ten companies listed by unique job postings last month, six companies were in the services sector, followed by two in the gasoline stations with convenience stores category and two midstream companies. Top posted industry occupations for March included first-line supervisors of retail sales workers (680), maintenance and repair workers (537) and heavy tractor-trailer truck drivers (364). The top posted job titles for March included store managers (221), customer service representatives (203), and maintenance people (128).

 

Top qualifications for unique job postings included valid driver’s license (1,609), CDL Class A License (215), and commercial driver’s license (CDL) (169). TIPRO reports that 38 percent of unique job postings had no education requirement listed, 34 percent required a bachelor’s degree and 30 percent required a high school diploma or GED. There were 1,903 advertised salary observations (17 percent of the 11,524 matching postings) with a median salary of $55,200. The highest percentage of advertised salaries (28 percent) were in the $85,000 to $500,000 range. TIPRO also notes that the average annual wage was $124,453 in 2023, as referenced in TIPRO’s 2024 State of Energy Report.

 

Additional TIPRO workforce trends data:

 

TIPRO also highlights recent data released from the Texas comptroller’s office showing gains for the month of March in tax contributions provided by the Texas oil and natural gas industry. Texas energy producers last month paid $473 million in oil production taxes, up from the prior month and 11 percent higher than amounts paid in March 2023. Producers in March also contributed $212 million in natural gas production taxes, exceeding collections from February of this year. Oil and natural gas severance taxes remain an important source of revenue for state and local governments and continue to be used help to support and pay for road and infrastructure investments, water conservation projects, schools and education, first responders and other essential public services across the Lone Star State.

 

TIPRO noted that following record production last year, oil output is expected to continue to increase in May. The U.S. Energy Information Administration (EIA) said this week in its latest Drilling Productivity Report that oil production in the Permian Basin will rise next month by 12,000 barrels per day (bpd) to reach 6.17 million bpd. In the Eagle Ford Shale, oil output is set to grow by about 5,000 bpd to top 1.16 million bpd, according to the EIA. Overall, total oil production in the nation’s biggest shale basins will increase by nearly 16,000 bpd to total 9.8 million bpd in May. Pricing conditions for natural gas, meanwhile, will continue to impact production levels in the U.S. Total natural gas output is likely to slide in May in the biggest shale gas formations to 99.94 billion cubic feet per day (bcfd), down from 100.2 bcfd produced in April, said the EIA in its report. Though nationally natural gas output will be lower, in the Permian, natural gas production is forecasted to climb to 25.24 bcfd, up from 25.1 bcfd that will be produced in April.

 

“As demand for oil and natural gas expands globally, and geopolitical conflicts escalate, Texas continues to play an outsized role in providing energy to fuel our economy, support our allies and protect our national security,” said Ed Longanecker, president of TIPRO. “Unfortunately, politically motivated actions targeting domestic oil and natural gas producers at the federal level not only threaten millions of Americans employed by our industry, but the very energy source that fuels our modern society. While these policies might appease environmental activists, the consequences are potentially severe, driving higher costs for consumers, fueling inflation, and ceding America’s energy dominance to rogue states with poor environmental and humanitarian track records. Texas operators remain committed to producing energy in a responsible manner and supporting sound energy policy at all levels of government,” concluded Longanecker.

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