Texas is the heart of oil and gas activity, with both the Permian and Eagle Ford driving tremendous amounts of production and activity, according to the latest Energy Indicators report issued by the Federal Reserve Bank of Dallas.
Texas accounts for about 54% of all oil and gas jobs in the US, employing about 211,700 people in March, up 3,500 from February.
“Oil and gas extraction” jobs increased slightly to 92,500, while “support activities” rose to 119,200. Nationwide, the Dallas Fed said, there are 181,200 people working in “oil and gas extraction” jobs and 208,200 people in “support activities.”
Historically, employment in “oil and gas extraction” is much more steady than employment in “support activities,” as support activities saw employment drop by about half during the downturn.
Oil production growth in Texas remained strong in April. Growth in the US rig count continues to be concentrated in the Permian Basin. US liquefied natural gas (LNG) exports have picked up and are significantly higher than last year, and they are expected to remain so throughout this year with the support from increased export capacity. Natural gas exports to Mexico continue to show strength, said the Fed.
The current oil price is approximately at breakeven for new wells in the most prominent shale plays, according to the Dallas Fed Energy Survey.