Texas upstream employment numbers showed a significant increase during the month of May, the Texas Independent Producers and Royalty Owners Association (TIPRO) said, citing the Bureau’s latest Current Employment Statistics (CES) report. of US Labor Statistics (BLS) .
Upstream Texas direct employment for May 2023 totaled 206,000, an increase of 6,900 jobs from April’s adjusted employment numbers, according to TIPRO analysis. Upstream employment in Texas in May 2023 totaled 22,700 jobs compared to May 2022, including an increase of 2,700 jobs in oil and natural gas extraction and 20,000 jobs in service sector, pointed out TIPRO.
New employment data from TIPRO again indicated strong job offers for the Texas oil and natural gas industry during the month of May. According to the association, there were 13,779 unique active job postings for the Texas oil and natural gas industry in May, including 4,366 new job postings aggregated during the month by companies.
By comparison, the state of California had 5,100 unique job openings last month, followed by Louisiana (2,390), Oklahoma (2,037) and Pennsylvania (1,649). TIPRO last month reported a total of 61,442 unique job openings across the country within the oil and natural gas sector.
Major fiscal injection
TIPRO highlighted recent data released by the Texas Comptroller’s Office showing large tax contributions by the Texas oil and natural gas industry. In May, Texas energy producers paid $497 million in oil production taxes, up from levels reported in April. Producers also contributed nearly $200 million in natural gas production taxes in May.
Oil and natural gas compensation taxes are extremely important to state and local governments and are used to help support investments in roads and infrastructure, water conservation projects, schools and education, first responders and other essential public services in the Lone Star State, TIPRO said.
Additionally, TIPRO reports that oil and natural gas production is poised to rise further this summer, but added that monthly production gains are slowing from increases seen earlier this year. New data from the US Energy Information Administration (EIA) forecast US crude output in July to rise to 9.375 million barrels per day (b/d), up 8,000 b/d from june
U.S. domestic natural gas production will also increase to 97.3 billion cubic feet per day (bcf/d) in July, according to the latest EIA estimates.
“Texas’ oil and natural gas industry is an economic powerhouse that provides reliable energy to meet growing demand here and aboard,” said Ed Longanecker, president of TIPRO. “Fortunately, Texas policymakers continue to maintain a regulatory environment that supports economic growth and the responsible development of our natural resources, which is reflected in our analysis. We appreciate the work of the Texas Legislature this year that advanced an agenda policy that supports the continued success of our industry and its unparalleled contributions,” Longanecker added.
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