Oil and Gas Employment Hits 2026 Low Despite Record Production
U.S. oil and gas extraction employment fell to 114,500 workers in June 2026, the second-lowest June on record, even as production nears record highs. Major companies including Chevron (cutting up to 9,000 jobs), ExxonMobil (2,000), BP (5% of staff plus 3,000 contractors), ConocoPhillips (20-25%), and Imperial Oil (20%) are conducting massive layoffs. The workforce has shrunk nearly 40% from its January 2016 peak of 187,300. The article attributes the decline not to renewable energy competition but to automation, mergers, and investor demands for returns over growth. Oilfield services, employing about 627,000 people, is losing jobs even faster than extraction. Productivity gains are cited as a key driver, with output per hour rising 11.4% in 2023 while labor input barely changed. Each upstream job supports an estimated 850,000 supply chain and spending-related positions.
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