Service company activity growth is slowing
Energy executives remain optimistic, but constraints are becoming noticeable in Texas according to the Federal Reserve Bank of Dallas’ most recent Energy Survey.

The Fed’s business activity index decreased slightly in Q3 2018, indicating that activity is growing, but that growth is slowing compared to Q2. At 43.3, however, the current overall activity index is still at the second-highest level seen by the Dallas Fed.

The slowing growth in Q3 was entirely due to service companies, as the OFS-specific activity index dropped from 54.2 to 45.9. Service-specific developments are mixed, as executives reported equipment utilization is accelerating while growth in employment and employment hours...


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