Thread regarding Halliburton Co. layoffs

Texas oil industry cutting payroll amid slowdown

Texas energy companies are cutting their workforces amid sluggish growth in the sector, according to jobs data from the Texas Workforce Commission released Friday.

In the state, mining and logging, the sector dominated by the oil and gas industry, cut 2,000 jobs in October from September. The sector has shed jobs through much of the second half of 2019.

Other indicators point to a slowdown for Texas oil as well.

The number of active oil and gas rigs in the U.S. fell by 11 this week as companies continue to pull rigs from operation due to a slowing global economy that has pressured energy demand and kept oil prices in a slump — for the most part, sitting between $50 and $60 per barrel.

At the same time, as producers' profits have suffered, investors have lost patience with a shale industry, known for overspending, and pulled their money out.

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  1. S. Rig Count Crashes Again: Loses Nearly 100 Rigs In 3 Months

The total oil and gas rig count now stands at 806, or 276 down from this time last year.

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