Texas has been an oil state (and energy state in general) since the 1800s. When the energy industry first spiked, Texas was ready. The state has some of the most remarkable oil reserves in the world and it continues to bump production volumes term after term.
The impact of the Texas oil boom can still be felt today. Experts believe that a second boom is imminent, despite so many uncertainties and the current focus on renewable energy. It is an interesting phenomenon to follow nonetheless.
Ahead of Competitors
By 2014, oil production in Texas was already competing with the likes of Venezuela, Kuwait, and Mexico. Oil companies based in Texas didn’t just invest in finding new wells to explore but also in technologies that will help make oil exploration more effective. These companies, including top names such as Halliburton and Baker Hughes, pushed the industry forward.
The result wasn’t just a boost in production volume but lower exploration costs and more efficiencies. Technologies such as digital and satellite mapping and improved drilling techniques were all a product of the Texas oil boom. The same technologies have since been implemented worldwide.
More Companies on the Market
We can’t talk about the top Texas oil companies without mentioning the two names we mentioned previously: Halliburton and Baker Hughes. Other than these two top players, however, there are other companies operating in the market.
Kiewit recently started a round of hiring as part of its attempt to expand operations. This is a great sign for the local communities because more jobs are being created than ever before. Kiewit alone has an opening for more than 300 positions across its operations.
There are also Rush Enterprises, Denbury, and Noble Energy all expanding their operations. It is said that the Texan oil industry is looking to match the production of Venezuela by the end of the year. When you take into account the fact that Texas is a state – while its rivals are countries – it is a remarkable fact indeed.
Hurricane Harvey and the Aftermath
We also can’t negate the fact that Texas was severely damaged by Hurricane Harvey. It hurt the refinery industry in Texas badly. Companies such as Exxon Mobile had to shut down their operations during and after the hurricane.
Estimates revealed that production may be cut down by as much as three million barrels a day. Fortunately, the Texas oil boom also brought improvements to local communities, making them more agile in the event of a disaster.
There is also better workers’ protection and infrastructure in general. Top firms such as J. Reyna Law Firm are assisting workers in the oil and gas industry. Compensations are much better and new employees can expect clear career paths and a brighter future. At the same time, the industry is giving back to schools and public facilities, as well as environmental organizations.
The Texas oil boom and the state’s oil industry are big parts of Texas and local communities. As the industry grows, the communities around oil companies grow as well.