US Energy Services Outpaced 2023 Jobs Growth in June: Trade Group
by Jov Onsat
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas
The energy services sector in the United States employed 647,636 people last month, outgrowing job gains in the same period a year ago, according to the Energy Workforce & Technology Council.
June marked the first time this year that job gains in the energy services sector outpaced 2023 growth, by nearly 450 jobs, the U.S. trade association reported. It analyzed data from the Bureau of Labor Statistics (BLS).
Texas supported the most jobs in the sector last month with 315,593 people employed, followed by Louisiana with 54,078 and Oklahoma with 49,285.
Notably, the national oilfield services subsector saw 968 more jobs, the Council said.
In its monthly employment situation report, the BLS said the U.S. economy added 206,000 jobs in June. However, the unemployment rate and the number of jobless people worsened year-on-year at 4.1 percent and 6.8 million respectively.
“Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; transportation and warehousing; information; financial activities; leisure and hospitality; and other services”, the BLS report stated. The comparison was against May 2024.
The unemployment rate in mining, quarrying and oil and gas extraction in June remained unchanged compared to the same month a year ago at 1.3 percent. The BLS report did not provide a breakdown for oil and gas.
Meanwhile, the number of employed people in oil and gas extraction rose last month by both prior-month and prior-year comparisons when seasonally adjusted, totaling 121,400, according to the BLS report.
The Council report stated, “The energy service sector’s growth is particularly notable given the broader economic context of rising unemployment rates, suggesting a targeted rebound in energy-specific job markets”.
Council president Molly Determan commented, “This uptick in job growth within the oilfield services sector is a positive indicator for American energy production”.
“Despite economic challenges spanning the national workforce, our sector continues to demonstrate robust growth, driven by advancements in technology and the continued global demand for American oil and gas”, Determan added.
This year U.S. crude oil production saw a consistent month-on-month rise from the first quarter to the early second quarter, excluding a fall between December 2023 and January 2024. Petroleum production stood at 13.2 million barrels per day (MMbpd) in April 2024, according to data from the U.S. Energy Information Administration (EIA). Natural gas output stood at 123.8 billion cubic feet per day (Bcfpd) in April, the lowest monthly average this year.
Last year U.S. petroleum production averaged 12.9 MMbpd while U.S. gas production averaged 125 Bcfpd, according to EIA data.
By drilling activity, rigs averaged 1,222 bpd in oil production and 2.5 MMcfpd in gas production from new wells in June 2024, according to a monthly EIA report.
The most active regions in terms of oil production from new wells last month were the Bakken in Montana and North Dakota, Texas’ Eagle Ford and the Niobrara in Colorado, Kansas, Nebraska and Wyoming. For natural gas, the most active regions in terms of production from new wells were the Appalachia production region, which spans Alabama, Kentucky, New York, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia; the Haynesville in Arkansas, Louisiana and Texas; and the Eagle Ford.
by Jov Onsat
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas