• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry
Southeast Asia Is Betting Big on a Green Future

Southeast Asia Is Betting Big on a Green Future

Southeast Asian countries are heavily…

Latin American Geothermal Investments Set to Surge

Latin American Geothermal Investments Set to Surge

Latin America holds vast untapped…

Oil And Gas Activity Collapses In Q2: Dallas Fed Survey     

The Dallas Fed Energy Survey’s Q2 assessment of oil and gas firms in the Eleventh District showed that oil and gas activity deteriorated in Q2, according to oil and gas executives who responded to the survey.

The survey’s main measure of the state of energy firms in the district—the business activity index—fell from -50.9 in Q1 to -66.1 in Q2. It is the lowest in the history of the survey, which began in 2016. This index, the Dallas Fed said, “was indicative of significant contraction in activity.”

For oilfield service firms, the business activity index saw the biggest contraction, crashing from -46.3 in Q1 to -73.5 in Q2. For E&P companies in the district, the index fell from -53.3 to -62.6.

The oil production index is at an all-time low for the survey after falling from -26.6 to -62.6.  The natural gas production index also fell significantly, as did E&P and oilfield services capex indexes. The energy employment index was negative for the fifth consecutive quarter, alluding to more job cuts in the industry.

The Dallas Fed also survey respondents for oil price outlooks. The average expectation for WTI is $42.11 per barrel by the end of this year, with a wide range of responses from $22 to $65 per barrel.

Data for the survey was collected between June 10 and June 18, with 168 firms responding.

The Dallas Fed Energy Survey samples about 200 companies and covers upstream energy firms located or headquartered in the Eleventh Federal Reserve District—Texas, southern New Mexico and northern Louisiana—home to the Barnett, Eagle Ford, Haynesville, and Permian basin. The survey covers exploration and production (E&P) companies and oil and gas support services firms, but does not include pipeline companies or refiners.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News