Oilfield services companies increased hiring in November, adding 1,890 jobs, according to data released by the Energy Workforce & Technology Council. This rise in employment suggests a potential increase in future drilling activity.
Nationwide, the energy services sector saw a total of 655,630 jobs in November, a modest increase from 654,062 in October. Texas, a key oil-producing state and home to the Permian Basin, contributed significantly to this growth with an addition of 765 jobs, bringing the state’s total to 319,489. The Permian Basin alone accounts for nearly half of the U.S.’s oil production.
This increase in hiring comes as the oil and gas industry navigates a complex landscape. While then President-elect Donald Trump’s campaign focused on increasing domestic oil production and lowering fuel prices, market realities often dictate producer behavior. Despite political pressures, many oil and gas companies continue to prioritize capital discipline and fiscal restraint over aggressive expansion of drilling operations. The interplay between political promises and market forces will continue to shape the future of the energy sector. Ultimately, the decision to increase drilling activity rests on a variety of factors, including oil prices, global demand, and technological advancements.
