A recent economic study by Perryman Group finds that the oil & gas industry, supports 17% of total jobs in Texas. The analysis also delved into the tremendous growth the industry has seen in this decade. Since 2010, oil and gas production has had 5x growth. This growth is attributed to new shale-extraction techniques, fracturing, and transportation improvements. These improvements have helped to lower costs and increase recovery rates within the Permian Basin.Oil and Gas Economic Benefits Below is a snapshot of the benefits for the Lone Star State:
Total yearly benefits: $557.4 billion
Personal income benefits: $120.6 billion
Jobs supported by sector: 2 million
Oil and gas production is now “fueling” other expansion initiatives to keep up with the supply. There have been significant investments in pipelines, storage facilities, and shipping capacities to sustain the demand of foreign markets. The Texas landscape is unique for two reasons. The land itself is fruitful and quality development. The economic consultant, Dr. M. Ray Perryman stated that Texas’ robust supplier network enhances its importance to the industry. Oil and gas, also as cascading benefits to other sectors of the Texas economy. The report stated more than 400 sectors showed economic gains. Oil and gas production has and will continue to provide benefits to the Texas community.Proud to be a Texas EmployerAt Chase Energy Services, we are proud to employ Texans in Midland at Par Five Energy Services & Elite Well Services and in Pecos at Buffalo Oilfield Supply. We strive to develop our employees and value our communities. We look forward to the continued growth the oil and gas industry provides for many years to come.
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Chase Energy Services
Chase Energy Services is one of the largest privately held integrated oilfield services company in the US, providing end-to-end oilfield services through an experienced management team, innovative technologies and an unrelenting focus on safety. With more than 500 employees, the company serves customers across Southeast New Mexico and West Texas in frac and acidizing, well construction and completion, cementing solutions and well servicing. Learn.More
Chase Energy Services, Inc.11344 Lovington HWYArtesia, NM 88210(575) 748-1288
