According to UH, other findings from the TXOGA member survey include:
70 percent expect the worldwide economy to enhance over the subsequent 12 months, 15 percent see it worsening and 15 percent say it’ll remain about an equivalent.
68 percent noted they’re concerned about the impact a worldwide and U.S. recession would wear their firms.
19 percent revealed their companies had laid off. Furloughed employees and 14 percent reported their firms had reduced retirement or health benefits.
22 percent expressed concerns about the prospect of state policies to lower emissions.
25 percent indicated concerns about the recognition of unpolluted energy.
“Both Houston and therefore the state have worked to diversify their economies, but oil and gas still features a major impact on most aspects of the economy, from employment to charitable giving,” commented social scientist Pablo M. Pinto, director of the Hobby School’s Center for Public Policy. “What happens within the industry has major implications for the whole state.”
Even though fewer than 20 percent of respondents indicated. Their companies had implemented furloughs or layoffs, quite 75 percent noted. Their firms had cut philanthropy or other sorts of community outreach observed Mark P. Jones. A Rice University politics professor who also is a Hobby School research associate.
“And while as a gaggle they’re optimistic about the longer term, it’s clear that they’re also concerned about the presidential election and therefore the continued imbalance between supply and demand,” Jones added.
The TXOGA Member Survey
Renee Cross, senior director at the Hobby School, acknowledged that TXOGA members also signaled support for potential policy actions from the state and therefore the Texas Railroad Commission, which regulates oil and gas production.
“Almost nine out of 10 people said land tax relief would help their companies survive and thrive in these difficult times,” Cross noted. “And nearly two-thirds said that extending existing Railroad Commission waivers would help to weather the COVID-19 and oil price crises.”
A UH spokesperson told Rigzone that 48 respondents agreed as well as to require the anonymous survey. Forty-eight percent of survey participants add to the upstream sector. 20 percent add the services sector. With another 10 percent reporting that they add both upstream and services. Of the remaining 22 percent of respondents, 10 percent represented midstream firms, eight percent add both the midstream and downstream and 4 percent placed themselves within the downstream category.