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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Chronicle: Federal loans save 93,117 oil and gas industry jobs in Texas

July 16, 2020 by PBOG

An analysis of data from U.S. Small Business Administration by Houston Chronicle shows that more than $1 billion in forgivable loans for Texas companies in the federal government’s pandemic relief program saved more than half of the state’s oil and gas industry jobs. The federal government issued 6,610 loans to crude oil and natural gas companies, service providers and related equipment manufacturers with headquarters in Texas. Chronicle said the companies used their loans to retain 93,117 jobs – more than half of the 182,500 people employed by the industry in Texas. Shutdowns caused by the pandemic created record low oil and gas prices that resulted in the loss of jobs by 36,200 Texans in the industry since Jan. 1. The 1,733 companies that received loans of more than $150,000 borrowed a total of from $1 billion to $2.3 billion.

Filed Under: PBOG Newsletter, The Financial Picture Tagged With: covid-19, Financial picture, Oil and Gas, permian basin

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