P3 loan program has saved more than half of Texas oilfield jobs

More than $ 1 billion in forgivable loans issued by the federal government’s paycheck protection program for businesses struggling with the coronavirus pandemic have saved more than half of jobs in the oilfields in Texas, according to an analysis of figures from the Small Business Administration.

The federal government has granted 6,610 PPP loans to oil and gas companies, their service providers and related equipment manufacturers headquartered in Texas, according to an analysis in the Houston Chronicle.

Companies used their P3s loans to keep 93,117 jobs, or more than half of the 182,500 people employed by the industry in Texas, according to the analysis.

Closures linked to the coronavirus pandemic have created record oil and natural gas prices that have resulted in the loss of jobs of 36,200 Texans since the start of the year.

Decrease : Oil service employment nears lowest level in four years

Federal officials used the loan amount of $ 150,000 as the dividing line for the type of data released on the program.

The names of the companies were not disclosed for loans under $ 150,000, but federal officials provided the exact amount of each loan.

Federal officials released the names of companies for loans between $ 150,000 and $ 10 million, but listed the amounts borrowed in five different ranges, not the exact amounts.

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The 4,877 companies in the oil and gas industry that received loans of less than $ 150,000 in Texas borrowed a total of $ 188 million.

Based on the ranges given, the 1,733 companies that received loans greater than $ 150,000 borrowed between $ 1 billion and $ 2.3 billion.

Pandemic: Texas oil and gas industry cut record 26,300 jobs in April

San Antonio-based Lewis Energy and Houston-based Grizzly Natural Gas were among the exploration and production companies that received loans between $ 5 million and $ 10 million.

Enterprise Offshore Drilling, Evolution Well Services, and Gyrodata were among the Houston oil service companies that received loans of this amount.

The smallest loan in Texas, which stood at $ 285, went to an oil services company in College Station that has not been identified.

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