Oil and Gas Employment Falls to 114,500 Workers in June 2026

In June 2026, U.S. oil and gas extraction employment fell to 114,500 workers, the second-lowest June level on record. Chevron is cutting up to 9,000 jobs—about 20% of its global workforce—as it manages the $53 billion Hess acquisition. ExxonMobil trimmed 2,000 jobs, while BP reduced its workforce by over 5%. Despite production approaching record highs, the job count continues to decline, highlighting a longstanding trend of increasing productivity with fewer workers, which matters for investors as it signals ongoing efficiency improvements in the sector.