Employment

It has been nearly two years since the last peak in the Texas Petro Index (TPI), a barometer of oil/natural gas industry activity in the Lone Star State, and in August the TPI marked its 21st consecutive month of decline. But there are signs of an industry comeback.

Pennsylvania’s employment growth in 2015 fell short of the national rate, a trend that was likely driven in large part by its exposure to the oil and natural gas industry downturn and energy-related job losses, according to an analysis by the Federal Reserve Bank of Cleveland.

An index that measures the health of the Texas oil/natural gas economy declined for the 11th straight month in October and is off more than 32% from its year-ago level, the economist who administers it said, adding that the worst is likely yet to come.

Every component of the Texas Petro Index (TPI) was down again in September — except for crude oil and natural gas production volumes. And the economist who compiles the TPI warned that industry job losses could be even greater than his previous estimates.

While steep job cuts in the oilfields of Texas and North Dakota have been hard to miss in recent months, the Appalachian Basin has not escaped the trend…

While steep job cuts in the oilfields of Texas and North Dakota have been hard to miss in recent months, the Appalachian Basin has not escaped the trend, with the region’s workforce being trimmed and a less visible retrenchment still evident.

Strong drilling, production and permitting activity drove the Texas Petro Index (TPI) to another record in September, with oil and gas industry employment hitting its highest level since the index was founded in 1995.

An index of oil and natural gas upstream activity in Texas reached a new high for February with increasing production — for oil the highest since 1980 — higher commodity prices at the wellhead following along with a booming workforce.

The U.S. energy industry workforce continues to age and remains a serious hurdle that has to be overcome, according to analysts with Raymond James & Associates Inc.