The Dallas Fed conducts a quarterly survey of about 200 oil and gas firms located or headquartered in the Eleventh District—Texas, southern New Mexico and northern Louisiana—which operate regionally, nationally or internationally. The Q2 report was released today.
- Activity in the oil and gas sector expanded at a robust pace in second quarter 2022, according to the Dallas Fed Energy Survey. The business activity index edged up from 56.0 in the first quarter to 57.7, registering its highest reading in the survey’s six-year history.
- Oil and natural gas production increased, though the pace eased slightly. The oil production index remained well above average but fell from 45.0 in the first quarter to 32.6 in the second quarter.
- Costs increased for a sixth straight quarter. Among oilfield services firms, the index for input costs jumped from 77.1 to 88.0—reaching a record high. None of the 52 responding oilfield services firms reported lower input costs.