Texas Oil and Gas Industry Reports Job Losses Amid Volatile Market

The Texas oil and gas industry reported another month of job losses in July, according to an analysis by the Texas Independent Producers and Royalty Owners Association. The upstream sector, which includes extraction and related support activities, saw a total of 1,200 job losses last month.

This follows a weakening trend over the last four months, with job losses reported in June (900 jobs lost in extraction), May (300 jobs lost), and April (1,300 jobs lost). Despite this, upstream employment is still up 3,400 jobs compared to January data, an increase of 1.8% for the year.

TIPRO advocates that the spring hiring surge has run its course amid elevated but volatile oil prices connected to the ongoing U.S.-Iran conflict, or whether it reflects a shorter-term pause before renewed growth.