With oil prices falling below $50 a barrel, many have expressed concern over the economic impact on high-producing states such as Texas. Some have even gone as far as to predict an economic slump similar to the 1980s. However, experts explain that while falling prices may lead to diminished production, organizations in the energy industry will continue to bring on new talent.
EagleFordTexas.com spoke with Ken Trevino, president/CEO of Workforce Solutions of the Coastal Bend, who expressed confidence that hiring will remain stable in the Lone Star State.
"Even if drilling activity goes down, it does not seem to be going away totally," Trevino told the source. "There will be some market adjustments along the way, but we are placing our hope in the substantial investments that have been made and that are still planned for our workforce area."
Trevino explains that even if organizations scale back production, drilling activity will still continue. The substantial investments made in current plays means that most drills will continue to operate.
Omar Garcia, CEO of the South Texas Energy and Economic Roundtable, echoed Trevino's predictions, explaining that energy activity in Texas is a "long-term play" and that "oil companies are committed to this region." He stated that hiring in the energy industry should "remain steady" for 2015.
As market pressure puts an emphasis on efficient practices, many energy producers may find that their teams need to be re-aligned to new organizational goals, as relying on existing processes may mean sacrificing potential profits. Change management consulting can help ensure that all members of an organization subscribe to the company's vision and understand how their contributions affect the bottom line.