Huge Job Increase During the Month of March for Oilfields

By -

 



Since the start of the pandemic, companies in the shale industry have laid off 102,000 workers. While the industry has slowly recovered in some states, some are still suffering and have needed to continue to lay off workers. Texas has been hit the worse, as they have had to lay off over 39,000 workers since February 2020.

According to the Hobby School of Public Affairs, jobs in the shale industry dropped from 691,866 in March 2020 to 628,362 in March 2021, a 9% decline.  Losing these workers who comprise the OFS sector jeopardizes the development of innovative technologies that increase productivity, improve environmental performance, and decrease greenhouse gas emissions.


Recent BLS (Bureau of Labor Statistics) revisions reported that in February 2021, job loss was 7,697. This is still significantly less than January 2021, which was 10,048. Despite workers still being laid off, this year seems to be better than last year as the sector was a rollercoaster ride with all of the job loss.


Fortunately, for the month of March 2021, there was an increase of 23,000 workers, a considerable rise in new workers when compared to previous months. That is a rise of 3.8%, largely thanks to more rigs being brought online and more people being vaccinated. As the year continues, the number should be on the rise as things begin to normalize. 


It's also worth mentioning that many big corporations will receive a considerable boost in funds to get back on their feet. Some companies like Exxon have already received $10 billion in federal funds. With these funds, companies will be able to increase productivity and perhaps reach the same momentum pre-COVID 19. 


Did you enjoy this article? If so, remember to subscribe and follow our website so you can stay up to date on the latest shale and natural gas news! 



Location: Ohio, USA

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be...
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividen...
Read more

Do You Know The History of Fracking?

By -
Image
  In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw...
Read more