U.S. Oil and Gas Extraction Employment Falls to 114,500 in June

U.S. oil and gas extraction employment fell to 114,500 workers in June 2026, the second-lowest June total on record, according to Bureau of Labor Statistics data reported by OilPrice.com. The figure is surpassed only by the June 2021 pandemic low.

Chevron announced cuts of up to 9,000 jobs in 2026, equal to one-fifth of its global workforce, while integrating the $53 billion Hess acquisition. ExxonMobil trimmed 2,000 jobs. BP shed more than 5 percent of its staff and more than 3,000 contractors.

ConocoPhillips is cutting 20 to 25 percent of its workforce. Imperial Oil is cutting one-fifth of its workforce and closing its Calgary office entirely. Employment stood at 115,500 in January 2026 and reached a 2026 peak of 116,200 in February before declining each month through June.

The June 2026 total is almost 40 percent below the January 2016 level of 187,300. OilPrice.com reported that domestic output remains near record highs. The employment decline occurred amid automation, mergers, and investor preference for returns over growth rather than any direct shift to renewables.