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Texas Oil And Gas Employment

Texas Oil And Gas Employment Uptick In July Breaks 11 Year Record

As drilling activity in Texas continues to increase, so are job levels for the state’s oil and natural gas industry. How does it affect the Texas oil And gas employment trends?

Citing the latest Current Employment Statistics report from the U.S. Bureau of Labor Statistics, the Texas Independent Producers and Royalty Owners Association (TIPRO) highlighted new employment figures showing significant growth in monthly employment for the Texas upstream sector.

According to TIPRO’s analysis, direct Texas upstream employment for July 2022 totaled 202,800, an increase of 6,800 jobs from June employment numbers. Texas upstream employment in July 2022 represented an increase of 35,400 positions compared to July 2021, including an increase of 8,600 in oil and natural gas extraction and 26,800 jobs in the services sector.

The Houston metropolitan area, the largest region in the state for industry employment, showed an increase of 2,000 upstream jobs last month compared to June, for a total of 68,800 direct positions, according to TIPRO. Houston metro upstream employment in July 2022 represented an increase of 11,000 jobs compared to July 2021, including an increase of 5,200 in oil and natural gas extraction and 5,800 jobs in the services sector.

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Source: Rig Zone

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Barrels Of Oil

Iran Is Ready To Release Millions Of Barrels Of Oil Into The Market

Iran has considerable volumes and barrels of oil in floating storage. It could quickly release should a deal with the United States be finalized.

In an update earlier this month, OilX claimed that Iran has some 40 million barrels. The bulk of which is probably condensate.

Vortexa estimates Iranian crude in floating storage at 60 to 70 million barrels. Moreover, Kpler has estimated them at 93 million barrels, Bloomberg reported on Sunday.

The barrels of oil volumes would not be released immediately. However, as issues such as insurance and shipping would need to be dealt with first.

“Iran has built up a sizable flotilla of cargoes that could hit the market fairly soon,” John Driscoll from JTD Energy Services told Bloomberg.

Currently, Iran and the United States are both considering the final version of an agreement proposed by the European Union, which is acting as an intermediary in the negotiations.

According to recent reports, some of the problems have been straightened out but others still remain and need to get resolved before a deal is finalized.

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Source: Oil Price

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Climate Bill Beneficiary

Climate Bill Beneficiary: US Oil and Gas Industry

The U.S. oil industry hit a legal roadblock in January. It is when a judge struck down a $192 million oil and natural gas lease sale. That was in the Gulf of Mexico over future global warming emissions from burning the fuels. It came at a pivotal time for Chevron, Exxon, and other industry players. The Biden administration curtailed the opportunities for new offshore drilling while raising climate change concerns. Is the U.S oil and gas industry a climate bill beneficiary?

The industry’s setback was short-lived, however. The climate measure President Joe Biden signed Tuesday bypasses the administration’s concerns. It is about emissions and guarantees new drilling opportunities in the Gulf of Mexico and Alaska. The legislation was crafted to secure backing from a top recipient of oil and gas donations, Democratic Sen. Joe Manchin, and was shaped in part by industry lobbyists.

While the Inflation Reduction Act concentrates on clean energy incentives that could drastically reduce overall U.S. emissions, it also buoys oil and gas interests by mandating the leasing of vast areas of public lands off the nation’s coasts. And it locks renewables and fossil fuels together: If the Biden administration wants solar and wind on public lands, it must offer new oil and gas leases first.

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Source: AP News

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US oil and gas production

US oil and gas production to set new highs in September

The Permian basin and the Haynesville shale are leading increases in US oil and gas production. This is what the US Energy Administration (EIA) said in its monthly drilling productivity report.

The EIA estimates that gas production from unconventional plays is in the report. It stated that it will surpass 93.8 billion cubic feet per day in September. It is an increase of 673 million cubic feet per day over August.

Crude oil includes lease condensate. The sum of individual states may not equal total U.S. volumes due to independent rounding. Volumes are at the nearest whole number which is a zero may indicate a volume of fewer than 0.5 thousand barrels per day. Previous months’ production volumes may have been revised for all states/areas. Percent change is calculated using unrounded values.

  • The August Short-Term Energy Outlook (STEO) is subject to heightened uncertainty resulting from Russia’s full-scale invasion of Ukraine, how sanctions affect Russia’s oil production, the production decisions of OPEC+, the rate at which U.S. oil and natural gas production rises, and other contributing factors. Less robust economic activity in our forecast could result in lower-than-forecast energy consumption.
  • We forecast the spot price of Brent crude oil will average $105 per barrel (b) in 2022 and $95/b in 2023.

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Source: Upstream

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climate bill

‘Easter Eggs’ in Climate Bill Delight Oil and Gas Industry

The oil and gas industry doesn’t hate the climate bill.

The industry as a whole isn’t yet embracing the $700 billion-plus reconciliation deal, which would penalize some forms of fossil fuel pollution while making one of the largest investments in clean energy in U.S. history. But the legislation also contains what some called “Easter eggs” that would benefit oil and gas companies, including access to new swaths of federal waters in Alaska and the Gulf of Mexico.

“There are some things in there that are helpful to our business,” Rich Walsh, senior vice president and general counsel at Valero, one of the country’s largest fuel refiners, said during an earnings call Thursday with investors.

Frank Maisano, a partner at the law firm Bracewell, said the compromise deal offers wins for both the fossil fuel and green energy industries.

“There are a lot of pieces in there that are going to be valuable to different sectors,” said Maisano, whose firm works with companies in both fields.

Maisano added that Sen. Joe Manchin (D-W.Va.), who reached the deal with Senate Majority Leader Chuck Schumer, “has been clear on where he stands — to have some mix of benefits and not lean too heavily on renewables only. That’s what he’s gotten here.”

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Source: POLITICO

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Oil Price

Oil Price To Hit $120 Again By Winter According to an Analyst

While oil and gas prices may continue to weaken in the near term, by the time winter sets in, the market is going to become extremely tight and the per-barrel price of oil should return to around $120, Energy Aspects’ Amrita Sen told Bloomberg Surveillance on Monday.

Sen suggests that while gasoline prices have declined, demand remains strong. Sen cites petrochemical weakness due to China’s back-and-forth COVID lockdowns, which have contributed to the high availability of nafta to be blended into gasoline. However, she insists this is “not a demand problem; it’s a supply problem”.

The national average per gallon of gasoline in the United States continued to fall on Monday, dropping to $4.059, according to AAA.

At the same time, crude oil prices are solidly below $90 per barrel.

Sen said she is not expecting a “sudden increase” in prices due to upcoming seasonal refinery maintenance; however, by the time winter hits, and particularly after November, she expects supply to become “very, very tight”.

On November 1st, releases from the U.S. Strategic Petroleum Reserve (SPR) will halt. In March this year, the Biden administration ordered the release of 1 million barrels per day from the country’s emergency crude stockpile in a bid to lower gas prices. Last week, the SPR fell to its lowest level in nearly four decades, according to the U.S. Department of Energy data.

 

Source: Oil Price

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Energy Companies Expect Record Profits Again as Strained Supplies Lift Oil and Gas Prices

Energy industry earnings likely more than tripled in the second quarter, as companies hauled in record revenue due to high oil and gas prices.

“This quarter is going to be a blowout,” said Stewart Glickman, energy analyst at CFRA. The two biggest U.S. energy companies, Exxon Mobil and Chevron, are reporting on Friday. Analysts say they will be watching to see how much free cash flow the industry generates, and how much of that is being spent on capital expenditures and returned to shareholders.

Europe’s oil giants Shell and TotalEnergies both announced record profits Thursday and plan to buy back a combined $8 billion in stock during the third quarter. According to I/B/E/S data from Refinitiv, the S & P energy sector is expected to see profit growth of 259% for the quarter, following the first quarter’s 269.5% gain. “They have, I would say, a couple of tailwinds at their back,” said Glickman. “The first for sure is energy prices. But it’s both oil and natural gas. Crude oil, U.S. WTI, was averaging close to $110 in the quarter. That’s up 65% year-over-year. … Natural gas … that was about $7.50 per million BTU. It was under $3 a year ago.”

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Source: News Logic

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Production Taxes Paid by Texas Oil and Natural Gas Producers Break Records Again in July

Texas oil producers paid $694 million in production taxes to the state. This is according to the Comptroller’s data in July. The highest monthly collection on record are up 84% percent from July 2021. Natural gas production taxes paid also reached a record high in July at $532 million. Moreover, it was up 185 percent from last July. These monthly amounts are remarkable in that they surpass average annual revenues from just a few short decades ago. Only two years ago in the fiscal year 2020, Texas’ natural gas production tax generated $925 million, and in the fiscal year 2023, which begins September 1, 2022, it is expected to generate $4.69 billion, an increase of 407%, while oil for the same period is expected to grow from $3.23 billion to $6.58 billion, an increase of 104%.

“Texas’ all-time monthly records for oil and natural gas production tax collections were shattered again in July, reminding Texans of the vast benefits our state enjoys as the top oil and natural gas producing state in the nation,” said Todd Staples, president of the Texas Oil and Gas Association. “These benefits extend beyond Texas’ borders though as our nation and the world enjoy the advantages of homegrown, clean, American energy that is meeting our energy needs and environmental goals here at home and across the globe.”

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Source: BIC

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Oil Rises

Oil Rises $2 as Dollar Eases, Market Wary of Fed

Oil prices rises to about $2 on Monday, bolstered by supply fears, a dip in the U.S. dollar, and early strength in equity markets, but prices seesawed as some worried fuel demand could weaken if the Federal Reserve raises U.S. interest rates too aggressively.

Brent crude futures for September settled up $1.95, or 1.9%, at $105.15 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $2, or 2.1%, to settle at $96.70 a barrel.

“A slightly weaker U.S. dollar and improving equity markets are supporting oil,” UBS oil analyst Giovanni Staunovo said. (.STOXX)After early strength, U.S. stocks moved lower in afternoon trading, with investors cautious about the Fed meeting this week and earnings from several growth companies.

Oil futures have been volatile in recent weeks, pressured by worries that rising interest rates could slow economic activity and fuel demand but supported by tight supply, especially since Russia’s invasion of Ukraine and Western sanctions on Moscow.

“The U.S. and European economies are slowing and with the Federal Reserve set to raise interest rates again this week, traders remain very cautious,” said Dennis Kissler, senior vice president of trading at BOK Financial.

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Source: Reuters

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Texas Upstream Natural Gas

Texas Upstream Natural Gas, Oil Industry Adds 6,100 Direct Jobs in June

“As expected, the dip in May upstream employment appeared to be an anomaly. June numbers reflect continued demand for talent and increasing exploration and production activities in the Texas oil and natural gas industry,” said TIPRO’s President Ed Longanecker.

TIPRO, which obtains its employment data from the U.S. Bureau of Labor Statistics, also noted that Texas’ June upstream job count represents a 31,000 year/year increase. The oilfield services (OFS) sector accounted for 22,700 of those new jobs. Moreover, with the remaining 8,300 ascribed to oil and gas extraction, the trade group added.

The 31,000-job gain occurred in tandem with a 55% year/year increase in statewide drilling permits issued by the Railroad Commission of Texas.

TIPRO reported that the Houston metropolitan area, Texas’ largest region for oil and gas employment, added 2,000 upstream jobs from May to June to hit 67,000 direct positions.

The trade group noted the June Houston metro upstream job count reflects a 10,000-position year/year increase. It is with 5,600 of those jobs in OFS and 4,400 in extraction-related roles.

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Source: Natural Gas Intelligence

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