Live Commodities
Live Commodities
Symbol (CFDs)
Month
Last
Prev.
High
Low
Chg.
Chg. %
Time
Aug 24
82.67
82.12
83.39
81.92
-0.08
-0.10%
14/06 | Energy
Aug 24
78.05
78.05
78.05
78.05
-0.13
-0.17%
14/06 | Energy
Jul 24
2.886
2.920
3.000
2.870
-0.073
-2.47%
14/06 | Energy

TIPRO NEWS RELEASES AND STATEMENTS

TEXAS UPSTREAM EMPLOYMENT SEES GAINS FOR SIXTH CONSECUTIVE MONTH

Austin, Texas – Today, the Texas Independent Producers and Royalty Owners Association (TIPRO) highlighted updated employment figures for the Texas upstream sector. Citing the latest Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS), TIPRO reported that Texas upstream employment for October 2021 totaled 183,400, an increase of 2,300 jobs from revised September numbers, and the sixth consecutive month of job growth for the industry since April. Texas upstream employment in October 2021 represented an increase of 22,800 positions compared to October 2020, reflecting a rise of 21,900 jobs in the services sector and increase of 900 jobs in oil and natural gas extraction in the past year.

According to TIPRO’s analysis, once the direct, indirect and induced impact of these upstream positions are incorporated, the organization calculated a multiplier effect of 6.7 percent per job for Crude Petroleum Extraction, 5.4 percent for Natural Gas Extraction, 2.4 percent for Drilling Oil and Gas Wells and 2 percent for the Support Activities for Oil and Gas Operations sector, further capturing the significant economic impact of the Texas oil and natural gas industry.

TIPRO also noted strong job posting data for upstream, midstream and downstream sectors for the month of October in line with rising employment, showing a continued demand for talent in the Texas oil and natural gas industry. According to TIPRO’s workforce analysis released today, there were 64,819 total job postings for the Texas oil and natural gas industry in October of 2021, of which 9,503 were unique, an increase of 800 posted unique positions compared to September. These numbers show a Posting Intensity of 7-to-1, meaning that for every seven postings, there is one unique job posting. This is close to the Posting Intensity for all other occupations and companies in the region (6-to-1), indicating companies are putting average effort toward hiring for these positions.

Among the 14 specific industry sectors TIPRO uses to define the Texas oil and natural gas industry, Support Activities for Oil and Gas Operations ranked the highest in October with 2,265 unique job postings, followed by Crude Petroleum Extraction (1,650) and Petroleum Refineries (1,217). The leading three cities by total unique oil and natural gas job postings were Houston (3,101), Odessa (707) and Midland (697). The top three companies ranked by unique job postings in October were Halliburton Company (727), National Oilwell Varco, Inc. (604) and Baker Hughes Company (593). Top posted occupations for October included heavy tractor-trailer truck drivers (530), maintenance and repair workers (518) and industrial engineers (360).

“Following a tumultuous year for the energy markets in 2020 and the lingering effects of a global pandemic, the law of supply and demand has driven commodity prices higher this year with a growing consensus around a new, multi-year super cycle for oil and natural gas,” said Ed Longanecker, president of TIPRO. “Increasing global demand for our product and higher commodity prices will continue to drive industry activity and rising employment numbers in Texas. The greatest risk to this positive momentum, and our nation’s energy security, is anti-oil and natural gas policies being pursued in Washington, D.C.”

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