U.S. Oilfield Service Jobs Slow to Recover Pandemic Losses

Frackers still focused on investor returns over output growth Sector added a little over 8,000 estimated jobs in June

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American drillers have restored less than 20% of the oilfield services jobs lost due to the pandemic, with companies favoring investor returns over boosting output, according to a trade group.

“The main reason that hiring isn’t coming back faster is that companies are focused more on free cash flow, paying down debt and repaying investors than they are on boosting production,” said Kevin Broom, director of communications and research at the industry-funded Energy Workforce & Technology Council.

Jobs on the rise -EnergyNewsBeat

The slow rate of hiring in the U.S. comes as global oil markets are set to tighten significantly with the OPEC+ alliance unable to agree on a deal to increase production. Without more output, oil futures prices, which are up 50% so far this year, could surge as demand continues to rebound from the 2020 slump.

“If production starts starts moving up, I would expect employment to as well,” Broom said.

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Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.