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22:06:06 | Energy
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22:06:11 | Energy

TIPRO NEWS RELEASES AND STATEMENTS

TIPRO Highlights Strong Oil and Natural Gas Job Postings in February

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 a slight decline in monthly employment for the Texas upstream sector during the month of February, but overall continued demand for available talent throughout the industry.  

According to TIPRO’s analysis, direct Texas upstream employment for February 2023 totaled 197,900, a decrease of 700 jobs from January employment numbers. TIPRO indicates that this drop in employment is likely a statistical anomaly given the positive job posting data for the month, workforce trends and that revised CES numbers will ultimately likely show an uptick in upstream employment in February. Texas upstream employment in February 2023 represented the addition of 20,100 positions compared to February 2022, including an increase of 900 jobs in oil and natural gas extraction and 19,200 jobs in the services sector.

TIPRO’s new employment data also indicated strong job postings for the Texas oil and natural gas industry for the month of February. According to the association, there were 11,981 active unique jobs postings for the Texas oil and natural gas industry in February, including 4,601 new job postings added in the month by companies. 

Among the updated 17 specific industry sectors TIPRO uses to define the Texas oil and natural gas industry, Support Activities for Oil and Gas Operations continued to lead in the rankings for unique job listings in February with 3,261 postings, followed by Gasoline Stations with Convenience Stores (1,618) and Crude Petroleum Extraction (1,189). The leading three cities by total unique oil and natural gas job postings were Houston (4,182), Midland (877) and Odessa (478), said TIPRO. 

The top three companies ranked by unique job postings in February were John Wood Group (640), Loves (632) and Baker Hughes (575), according to TIPRO. Of the top ten companies listed by unique job postings last month, five companies were in the services sector, followed by three midstream companies, and two in gasoline stations with convenience stores.

Top posted industry occupations for February included maintenance and repair workers (374), heavy tractor-trailer truck drivers (356), and managers (320). Top qualifications for unique job postings included valid driver’s license (2,085), commercial driver’s license (CDL) (288), and CDL Class A license (174). TIPRO reports that 40 percent of unique job postings required a bachelor’s degree, 32 percent required a high school diploma or GED, and 30 percent had no education requirement listed. There were 1,341 advertised salary observations (11 percent of the 11,981 matching postings) with a median salary of $46,800.

Additionally, TIPRO reports that oil and gas production is forecasted to continue to climb in the coming months. Crude oil output in the Permian Basin is projected to hit a record 5.62 million barrels per day (bpd) in April, according to the U.S. Energy Information Administration (EIA), with production expected to rise in the basin by 26,000 bpd. In the Eagle Ford Shale in South Texas, oil output next month will gain 9,000 bpd to total 1.13 million bpd. Overall, U.S. crude oil production is estimated to go up by 68,000 bpd to top 9.21 million bpd in April, projects the EIA. Natural gas production also will grow in April – EIA projections show total natural gas output in the United States will increase by approximately 420 million cubic feet per day (Mmcf/D) to reach a record 96.62 billion cubic feet per day (bcf/d). This will in part be driven by production gains from the Permian Basin, where output will go up by 93 Mmcf/D to hit a record high of 22.5 bcf/d. Natural gas production in the Eagle Ford Shale is also forecasted to reach 7.12 bcf/d in April, up 74 Mmcf/d from projected March levels.

“We are pleased to see continued demand for available talent throughout the Texas oil and natural gas sector,” said Ed Longanecker, president of TIPRO. “The Texas Legislature and U.S. Congress are currently evaluating policies that can greatly hinder or support this vital industry, our nation’s energy security and economy. It’s imperative that we support continued investment in energy infrastructure and advance sound, science-based policy decisions at all levels of government to ensure that Americans and our allies have access to reliable and affordable energy,” concluded Longanecker.

For more detailed analysis on the economic impact of oil and natural gas, review TIPRO’s “2023 State of Energy Report” here.

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