Major oil and gas companies are reaping multibillion-dollar quarterly profits again as oil prices have rebounded. Greater efficiencies and technological advancements developed in recent years are helping them send more of those dollars back to their investors rather than to returning workforce levels to previous highs.
“This is a transformational shift,”
Ingham released his midyear Texas Petro Index report Thursday. It shows the state will produce well more than 1.5 billion barrels of crude oil this year, easily beating the 1972 record of 1.26 billion barrels.
The growth is driven by
Ingham’s report came as
What’s a Permian slowdown for
Even big oil refining companies like
The oil bust taught energy companies to make money more efficiently with prices closer to $50 a barrel — as opposed to more than $100 a barrel in mid-2014 — but
New technologies and techniques allow companies to drill more wells that are longer and deeper and produce greater volumes of oil and gas without requiring as many people and rigs.
As such, fewer than half of the
About 47,000 upstream oil and gas jobs were added in
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