Texas easing out of downturn, oil association leader says

By The Associated Press

Texas' oil and natural gas industry added 4,700 new jobs between September and December last year and is starting to "ease out of the dramatic downturn."

 

AUSTIN, Texas (AP) — Texas' oil and natural gas industry added 4,700 new jobs between September and December last year and is starting to "ease out of the dramatic downturn."

That's the message from Texas Oil and Gas Association President Todd Staples, anyway.

On a conference call Tuesday, Staples said that, despite the downturn, his industry paid $9.4 billion in state and local taxes and royalties in fiscal year 2016.

The energy sector lost nearly 100,000 jobs statewide as oil prices crashed from 2014's $110-plus per barrel peak to less than $30 last year. They're improving, but Staples said projecting prices only up to $59 per barrel through fiscal year 2019 was "fairly realistic."

That likely means little relief for Texas Legislature budget writers already struggling with tighter coffers caused by plummeting oil prices.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs