While much has been written on the outlook of US oilfield services (OFS) jobs, the newest numbers are the most startling yet.
In May alone, that sector alone lost nearly 15,000 jobs, according to research by the Petroleum Equipment and Services Association (PESA), an OFS trade association, using data from the Bureau of Labor Statistics (BLS). Year-over-year, that represents a decline of 13.5% or 105,000 jobs. And from February to May alone, jobs in the sector declined 11.1%.
Total job losses due to pandemic-related demand destruction amount to 84,000. OFS employment is down from May 2019 and now stands at its lowest point since 2017. Losses were heaviest in April, totaling 59,666 jobs.
https://pubs.spe.org/en/jpt/jpt-article-detail/?art=7236
Showing posts with label Layoffs. Show all posts
Showing posts with label Layoffs. Show all posts
Monday, June 22, 2020
Tuesday, May 26, 2020
OilPrice.com - Texas Economy Could Lose $24B If Oil Prices Stay In The $30s
The downturn in the U.S. oil industry could lead to more than US$24 billion of lost GDP for Texas alone, if oil prices remain in the $30s, Ed Hirs, Energy Fellow at the University of Houston, told Anadolu Agency.
The oil price collapse, the production curtailments, and the budget cuts have already resulted in layoffs in the industry, and more job losses and oil and gas company bankruptcies are coming, according to analysts and legal experts.
“Many of the endangered companies had some amount of hedging in place to help them survive 12 to 18 months of a price collapse,” Hirs told Anadolu Agency. Yet, the energy economist warned that “the write-downs of asset values and the lack of new loans from banks and other lenders will spell the end for many companies.”
https://oilprice.com/Latest-Energy-News/World-News/Texas-Economy-Could-Lose-24B-If-Oil-Prices-Stay-In-The-30s.html
The oil price collapse, the production curtailments, and the budget cuts have already resulted in layoffs in the industry, and more job losses and oil and gas company bankruptcies are coming, according to analysts and legal experts.
“Many of the endangered companies had some amount of hedging in place to help them survive 12 to 18 months of a price collapse,” Hirs told Anadolu Agency. Yet, the energy economist warned that “the write-downs of asset values and the lack of new loans from banks and other lenders will spell the end for many companies.”
https://oilprice.com/Latest-Energy-News/World-News/Texas-Economy-Could-Lose-24B-If-Oil-Prices-Stay-In-The-30s.html
Thursday, May 7, 2020
JPT - North American Contractions: Murphy Oil, Marathon Oil, and Halliburton
Oil and gas companies in the hard-hit North American market are announcing new downsizing figures as they cope with a historic collapse in crude prices.
Murphy Oil is the latest operator to announce significant layoffs and the closing of offices. Casualties include the company’s legacy headquarters in the small town of El Dorado, Arkansas, which was home to 80 employees. The firm’s longstanding office in Calgary will also be eliminated, along with 110 employees.
https://pubs.spe.org/en/jpt/jpt-article-detail/?art=7011
Murphy Oil is the latest operator to announce significant layoffs and the closing of offices. Casualties include the company’s legacy headquarters in the small town of El Dorado, Arkansas, which was home to 80 employees. The firm’s longstanding office in Calgary will also be eliminated, along with 110 employees.
https://pubs.spe.org/en/jpt/jpt-article-detail/?art=7011
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