Preliminary data from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce & Technology Council (EWTC) shows a slight decrease—about 3,260 jobs—in oilfield services (OFS) sector employment. The data is based on BLS’ April jobs report, released on May 3.
However, EWTC, a national trade association for the global energy technology and services sector, said the OFS job market may still have potential for growth.
In April, the OFS sector reported 651,424 jobs, a slight decrease from March’s adjusted jobs report of 654,688.
The U.S. job market reported minimal gains at the national scale, with only 175,000 jobs added, according to BLS. The national unemployment rate ticked up from 3.8% to 3.9%.
“With market dynamics continually evolving, EWTC remains dedicated to fostering innovation and resilience within the energy services sector,” said EWTC President Molly Determan. “While our latest report aligns our sector with national employment trends, we see an opportunity to redouble our efforts to advance technology, upskill our workforce and drive sustainable growth.”
Recommended Reading
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
Valaris’ 1Q Sets Positive Tone for Offshore
2024-05-06 - Coming out of first-quarter 2024, drilling contractor Valaris expects a sustained upcycle for the offshore drilling industry supported by demand growth, OPEC+ production cuts and supportive commodity prices.
Aramco Reports Second Highest Net Income for 2023
2024-03-15 - The year-on-year decline was due to lower crude oil prices and volumes sold and lower refining and chemicals margins.
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.