Employment Figures in Texas Upstream Sector Up in May
by Paul Anderson
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas
Employment figures in the Texas upstream sector have shown significant gain through the month of May, the Texas Independent Producers and Royalty Owners Association (TIPRO) said, citing the latest Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS).
According to TIPRO’s analysis, direct Texas upstream employment for May 2023 totaled 206,000, an increase of 6,900 jobs from adjusted April employment numbers. Texas upstream employment in May 2023 represented the addition of 22,700 positions compared to May 2022, including an increase of 2,700 jobs in oil and natural gas extraction and 20,000 jobs in the services sector, TIPRO noted.
TIPRO’s new employment data yet again indicated strong job postings for the Texas oil and natural gas industry during the month of May. According to the association, there were 13,779 active unique jobs postings for the Texas oil and natural gas industry in May, including 4,366 new job postings added during the month by companies.
In comparison, the state of California had 5,100 unique job postings last month, followed by Louisiana (2,390), Oklahoma (2,037), and Pennsylvania (1,649). TIPRO reported a total of 61,442 unique job postings nationwide last month within the oil and natural gas sector.
Major Tax Injection
TIPRO highlighted recent data released from 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 for April. Producers also in May contributed almost $200 million in natural gas production taxes.
Oil and natural gas severance taxes are extremely important to state and local governments and are used help to support road and infrastructure investments, water conservation projects, schools and education, first responders, and other essential public services across the Lone Star State, TIPRO stated.
Additionally, TIPRO reports that oil and natural gas output is poised to see further growth this summer, but added that monthly production gains are narrowing from increases recorded earlier this year. New data from the U.S. Energy Information Administration (EIA) projects that U.S. crude oil production in July will rise to 9.375 million barrels per day (b/d), up 8,000 b/d from June.
Domestic natural gas production in the United States also will climb and reach 97.3 billion cubic feet per day (bcf/d) in July, according to the latest EIA estimates.
“The Texas oil and natural gas industry is an economic powerhouse providing 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 is conducive to 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 a policy agenda supporting the continued success of our industry and its unmatched contributions,” added Longanecker.
by Paul Anderson
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas