Oil & Gas Growth Expected in 2014 – Dallas Fed

Refineries & Petrochemical Plants Are Struggling to Find Engineers and Construction Workers
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The Federal Reserve Bank of Dallas reported that oil & gas companies in the 11th district, which includes Texas, expect further growth in 2014.

Texas respondents indicated particularly strong activity levels in energy, which means the Eagle Ford Job market will remain robust.

The Fed also noted demand for oilfield services was steady even though the rig count had fallen in response to more wells being drilled per rig. [Read more…]

Energy Activity Holding at High Levels in Texas – Dallas Fed

Margins For Oilfield Service Firms Have Tightened
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The Federal Reserve Bank of Dallas reports energy activity has seen little change from “high levels” over the past reporting period in its most recent Beige Book.

It’s no surprise. More than 800 of the ~1,700 rigs active in the U.S. are working in Texas. Over 250 of those rigs are active in the Eagle Ford. [Read more…]

Retail Workers Are Hard To Find In The Eagle Ford – Dallas Fed

Commercial Lending & Real Estate Development On The Rise

The latest beige book from the Dallas Federal Reserve notes that finding retail workers in the Eagle Ford is becoming more difficult. The economist also highlighted rising commercial lending & real estate development.

If you are looking for qualified workers, consider a listing on our Eagle Ford Jobs Board. Over 20,000 job seekers search here each month!
[Read more…]

Employment Growth Continues In The South Texas Eagle Ford – Dallas Fed

The Energy Sector Of The Economy Is Expected To Improve Further
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The Federal Reserve Bank of Dallas released its most recent beige book and Eagle Ford job growth was noted as part of the steady labor market.

The report states “Financial firms added employees to comply with regulatory stress testing and wealth management, and noted employment growth in Austin and the Eagle Ford Shale area. Several contacts reported difficulty finding qualified people to fill vacancies…. A construction-related manufacturer noted truck drivers were in short supply.” [Read more…]

Dallas Fed Report “Eagle Ford Shale Brings Wealth to South Texas”

Drilling, Wages, and the Economy on the Rise

The Dallas Federal Reserve bank is the latest organization to publish a report touting the economic benefits of the Eagle Ford.

Recent data suggest that the oil boom’s impact on jobs, income and spending in the region has been profound.

Other highlights include:

  • Between 2007 and 2011, gas production rose 20%, oil 80%, and condensate 541%
  • From Feb 2010 to Feb 2012, the rig count grew from 42 to over 225
  • Horizontal drilling accounts for over 90% of Eagle Ford wells
  • An estimated lease bonus of $1,500/acre x 5 million acres = $7.5 billion paid since 2007
  • Estimated drilling spend has risen from $1.8 billion in 2007 to $14.6 billion in 2011
  • Local royalty payments increased by $584 million from 2007 t0 2011
  • Biggest industry winners include: oil exploration and services, construction, wholesale and retail trade, and real estate.
  • Seasonally adjusted retail sales in the 23 county area grew 15.4% compared to 6% for Texas and 7.4% for the U.S.
  • Sales tax revenues grew 9.3% over the same period
  • Eagle Ford jobs represent 2% of the Texas workforce
  • Annualized growth in weekly wages was 14.6% vs. 6.3% for the U.S. [Read more…]