U.S. Oil and Gas Extraction Employment Falls to Second-Lowest June on Record

Industry
โดย Oilprice.com·Read original
Summary · why it matters

U.S. oil and gas extraction employment fell to 114,500 workers in June, the second-lowest June the Bureau of Labor Statistics has on record, beaten only by the pandemic bottom of 2021. The decline comes even as production remains near record highs, with major companies cutting thousands of jobs. Chevron is cutting up to 9,000 jobs this year, ExxonMobil trimmed 2,000, BP shed more than 5 percent of its staff plus 3,000 contractors, ConocoPhillips is cutting 20 to 25 percent, and Imperial Oil is cutting a fifth of its people and shutting its Calgary office entirely. The extraction workforce sits almost 40 percent below its January 2016 peak of 187,300, while oilfield services, which employs roughly 627,000 people, has been losing jobs even faster. Every upstream job is estimated to support roughly 232,000 supply chain jobs and 421,000 more through spending, meaning more than 850,000 positions ride on an industry that keeps needing fewer people directly.

Impact on stocks 5

Energy▼ · 3 stocks
ConocoPhillips
COP
▼ NegativeCapitalrelevance

ConocoPhillips is cutting 20 to 25 percent of its workforce, indicating cost-cutting and reduced operational scale.

Chevron Corp
CVX
▼ NegativeCapitalrelevance

Chevron is cutting up to 9,000 jobs this year, reflecting cost reduction and potential operational challenges.

Imperial Oil Ltd
IMO
▼ NegativeCapitalrelevance

Imperial Oil is cutting a fifth of its people and shutting its Calgary office, indicating significant restructuring.

Energy Transition & Power Demand▼ · 2 stocks
BP PLC
BP
▼ NegativeCapitalrelevance

BP shed more than 5 percent of its staff plus 3,000 contractors, reflecting ongoing downsizing.

Exxon Mobil Corp
XOM
▼ NegativeCapitalrelevance

ExxonMobil trimmed 2,000 jobs, part of industry-wide cost-cutting despite high production.

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