LBBJ – Oil Industry Challenges and Future

Kevin Laney is vice president of rig operations for Signal Hill Petroleum (SHP), a crude oil and natural gas production company and real estate developer that employs about 140 people in the local area. (Photograph by the Business Journal’s Larry Duncan)

The Long Beach Business Journal wrote two different articles about the oil industry; the major role it plays in the state and regional economies, and the tough challenges faced but also the hopeful future. Below are statements from the articles and links to read the complete articles online.

“Despite fluctuating commodity prices, the oil and gas industry in California continues to be a major player in the state and regional economies, supporting hundreds of thousands of jobs and generating billions of dollars in tax revenue, according to industry representatives…”

To continue reading more click on the link below:

Oil and Gas Industry Continues To play Major Role In State And Regional Economies

“A steep drop in crude oil prices has caused a major downturn in the oil and gas industry, forcing companies across the state and the country to pull back on capital expenditures, abandon oil rigs, cancel new drilling projects, enact pay cuts and in some cases lay off workers.

Local companies with a long history of surviving declines, however, have planned for such downturns by strategically diversifying assets. Company representatives in the Long Beach area said they remain hopeful about the future of the oil and gas industry despite the current low-price climate…”

To continue reading more click on the link below:

Amid Continued Price Slump, oil and Gas Industry Face Tough Challenges, Hopeful About Future