In 2015, the production of natural gas in the US reached self-sufficiency levels (99% consumption). Innovation in hydraulic fracturing on shale formation, began in the 1980s and 90s when Mitchell Energy was experimenting a new method of fracturing in the Barnett Shale, near Bend Arch–Fort Worth Basin.
Although Native Americans found the oil much before the European explorers, the DeSoto expedition in 1543 records the first use of crude oil. During the latter half of the 19th century, drilling oil in Texas was sporadic, but the 1901 discovery of oil well at Spindletop, transformed the Texas and US Economies. The one well contributed 94% of the state’s oil production needs, bringing down the cost to 3 cents a barrel.
In 2015, the production of natural gas in the US reached self-sufficiency levels (99% consumption). Innovation in hydraulic fracturing on shale formation, began in the 1980s and 90s when Mitchell Energy was experimenting a new method of fracturing in the Barnett Shale, near Bend Arch–Fort Worth Basin. The technique found a commercial scale in 2000. Competition soon followed. By 2005, the Barnett Shale was producing half a trillion cubic feet of natural gas every year.
The 2010-2014 period added 1 in 7 Texan jobs in the Energy sector. With the gas prices dropping steeply, from $100 to below $50 a barrel, the bubble burst, and the state started losing 90,000+ jobs in the sector, after a 3.9% growth in the economy from 2010 to 2015. Houston was affected the most.
The Nov 2016 discovery of the 20 billion barrels of oil in the Wolfcamp shale is one of the largest ever recorded that might revive the economy of Texas in the future, given OPEC’s decision to cut down production after 8 years of stalemate. The prices slowly but steadily have crossed the $50 mark on Feb 2017. Among the world’s top 50 Oil & Gas companies, Exxon Mobiles feature in the top five list.
Reference: History of Oil Discoveries in Texas
EIA - US Natural Gas Usage
As an MBA candidate if your goal is to work in the US with one of the oil giants, these six companies should be worth your consideration:
|Company||State||Market Cap ($B)|
2019 MBA Research Guide - Choose your MBA
F1GMAT's Comprehensive MBA Research Guide will teach you how to select MBA programs through a bottom-up approach.
Articulating your Post-MBA Goals and Career Path is the FIRST step. Which program will give you that hike in Salary, Switch in Career, Change in Location or Job Satisfaction?
We cover them all through our extensive analysis.
+ How to Choose the Best MBA Program: Factors to Consider
Define Post-MBA Goals
Pick your Path: Generalize or Specialize
Use Moral Algebra Method
Use Multi-Attribute Utility Theory
Understand the Top 5 Risks
Measure MBA Career Service Team's Effectiveness
Use Bookending to Calculate MBA Admission Chance
Use Net Present Value to Calculate MBA Return on Investment
Don't Fall for the Mere Exposure Effect
Best Practices to find the truth in MBA Information Session or MBA Tour
Comprehensive MBA Research Guide: Includes Top MBA Programs by 19 Specializations:
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+ Top MBA Program Ranking
Top 20 MBA Programs - Tuition Fee (2018)
Top 31 MBA Programs in United States – Total Cost & Salary (2017)
Top 60 MBA – GMAT and GPA (Average & Median)
Top 20 European MBA Programs - Tuition Fee, Total Cost & Salary
Top 20 European MBA Programs (Based on Actual Salary Increase)
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Top 20 Affordable European MBA Programs
Top 10 MBA in UK – Salary & Fee (2018)
Top MBA Destinations Based on Happiness Index
Top MBA Destinations based on Innovation Index
Top 10 MBA Job Markets based on Cost of living and Purchasing Power
Top MBA Destination: By Economy
+Comparisons - Top MBA Programs
Wharton vs. Columbia MBA (2018)
MIT vs. Stanford MBA (2017)
Haas vs. Ross MBA (2018)
Kellogg vs Ross MBA
Booth vs Wharton MBA
MIT Sloan vs Tuck MBA
IMD vs. INSEAD MBA (2017)
IIMA vs. ISB (2017)
+ MBA in France (2018)
Top Industries in France
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+ MBA in the UK (2018)
Top Industries in the UK
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