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Texas is on Track to Shatter 46-Year-Old Oil Production Record

Houston Chronicle, July 27, 2018

Texas is on track to shatter its nearly 50-year-old record for oil production, but it’s doing so with far fewer employees and rigs at work than before the 2014 collapse in crude prices.

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,” Texas petroleum economist Karr Ingham said. “We’re breaking production records with tens of thousands fewer employees.

Click here to read the full article from Houston Chronicle.


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