Oil and gas production in Texas, Louisiana and New Mexico declined in the first quarter of 2024, the Federal Reserve Bank of Dallas reported last week in its quarterly survey of energy activity.
Meanwhile, the natural gas production index fell sharply and oilfield services firms reported a modest deterioration in business activity, the Dallas Fed reported. However, the fall in production did not lead to a major change in activity.
A broad measure of business activity remained steady from the fourth quarter last year, the Dallas Fed reported. On average, respondents expected a West Texas Intermediate (WTI) oil price of $80 per barrel at year-end 2024, the survey of company executives showed.
The Dallas Fed conducts the Dallas Fed Energy Survey quarterly to obtain a timely assessment of energy activity among oil and gas firms located or headquartered in the Eleventh District. For this survey, 147 energy firms responded. Of those, 97 were exploration and production firms and 50 were oilfield services firms.
