Oilfield service companies ramped up hiring in November, adding 1,890 jobs in the sector, according to data from trade group Energy Workforce & Technology Council released on Monday.
WHY IT’S IMPORTANT
Oilfield service hiring can serve as an indicator of the health of the sector. Companies bringing on more employees could imply more drilling to come.
BY THE NUMBERS
Total jobs in the U.S. energy services sector rose to 655,630 in November, up from 654,062 in October, the data showed. In Texas, home of the prolific Permian basin which accounts for just under half of national oil production, 765 jobs were added, bringing the state’s total to 319,489.
CONTEXT
President-elect Donald Trump promised voters lower fuel prices, pledging to ramp up domestic production in his “dril, baby, drill” campaign. But in practical terms, Trump cannot fully control prices. And producers broadly remain focused on capital discipline over new drilling.
(Reporting by Georgina McCartney in Houston; Editing by Bill Berkrot)