What we reported: Southwestern Energy Company’s laid off 300 Houston-are employees, and Baker Hughes reported a 34 percent decline in revenue in 2015. In January 2016, the price of oil was hovering around $40 a barrel.

The latest: The price of oil is climbing above $50 from a 2015 low of $30, and operating rig counts in the U.S. are on an upswing, which could lead to job growth in the oil and gas sector.

What’s next: A recovery is projected but is contingent on the price of oil reaching $60 a barrel and a growing rig and job count, said Bill Gilmer, director of the Institute for Regional Forecasting at the University of Houston C.T. Bauer College of Business.

This story is one update from The January Issue. View the full list of 10 things here.