Staff/Wire reports Fourth quarter energy survey results revealed that in the Federal Reserve’s Tenth District, energy activity fell at a steady pace while expectations rose, as indicated by firms contacted between Dec. 16 and Jan. 2.
Employment and employee hours continued to increase even as revenues and profits declined further. Drilling activity also remained down from this time last year. Annual revenues decreased substantially. However, employment and capital expenditures grew moderately.
The latest employment report from the Energy Workforce and Technology Council showed Oklahoma with nearly 50,000 workers in the oil and gas industry. Ours was the third highest state in the country for employment in the oil patch. However, Oklahoma’s total in the industry dropped by more than 200 workers since November 2024.
The council’s monthly jobs report offered insights into employment trends within the U.S. energy services sector for December. Based on preliminary data from the Bureau of Labor Statistics and analysis conducted by the Energy Workforce and Technology Council, total jobs in the sector were reported at 651,069, reflecting a slight adjustment of 1,871 positions compared to November, which highlights the dynamic nature of workforce transitions in the sector.
Firms anticipate a rebound in activity in the next six months. However, revenues and profits are still expected to decline further in the coming months.
Firms were asked what oil and natural gas prices were needed on average for drilling to be profitable across the fields in which they are active.
The average oil price needed was $62 per barrel, while the average natural gas price needed was $3.69 per million Btu. Firms were also asked what prices were needed for a substantial increase in drilling to occur across the fields in which they are active. The average oil price needed was $84 per barrel, and the average natural gas price needed was $4.66 per million Btu.