U.S. Oil Patch Sheds Jobs as Producers Face Weaker Prices
Chevron, which bought Hess Corporation for $53 billion, has said it would reduce its workforce by 20% by the end of 2026 as part of wide cost cuts. This includes 800 jobs in the Permian.
ConocoPhillips, which acquired Marathon Oil Corporation last year, plans to slash workforce numbers by up to 25% across functions and geographies to simplify the organization and cut costs.
Various industry associations have also flagged reduced job numbers in the U.S. oil patch, although they remain generally upbeat about the future prospects of the sector.
Yet, the number of oil and gas upstream jobs in Texas and total U.S. oilfield service jobs has dropped in recent months amid lower oil prices and slowing drilling activity.
Data from the Texas Workforce Commission showed upstream oil and natural gas employment fell by 1,400 in July compared to June, the Texas Oil & Gas Association (TXOGA) said in August.
June’s job loss has been revised to 1,500—less severe than the previously estimated 2,700. Despite declines over the past two months, year-to-date growth remains positive at 4,300 upstream jobs, TXOGA noted.
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