Pittsburgh's fracking industry cut more than 400 jobs in 2019, with more cuts likely on the way
Last year, Pittsburgh’s fracking industry cut hundreds of jobs, and the outlook for 2020 could be even worse for the natural gas extraction field.
Local natural gas players like EQT, Range Resources, and CNX have cut a combined total of more than 400 jobs since January 2019.
EQT, which is headquartered in Pittsburgh, led the way with almost 300 job cuts last year. The energy company laid off about 100 last January and then announced an additional 196 job cuts last September.
CNX, which is headquartered in Washington County, cut 70 positions last year, while Range Resources cut 40 jobs from its Pittsburgh regional offices. Range Resources, a Texas company, also cut 50 jobs from its headquarters in Houston.
These job cuts have been blamed on an economic slowdown within the natural gas industry. According to Washington County's Observer-Reporter, the number of drilling rigs operating in Pennsylvania has dropped from 47 to 24.
Analysts have noted that there is currently an oversupply of natural gas, meaning that more natural gas is being produced than demand requires, which leads to price drops. The prices have been dropping for the last four years, and the Wall Street Journal reported today that the slide is continuing into 2020.
link
