Reuters With their business outlook worsening, about half of oil field service firms plan to cut spending in 2020, the Federal Reserve Bank of Dallas said on Friday in its quarterly energy survey. Oil and gas activity and employment dipped in the fourth quarter in the Dallas Fed region, which includes the largest U.S. shale field, the Permian Basin in
Average breakeven fell 4% over the past year With the price of oil in a pretty constant state of volatility as of late, the breakeven point for crude is an important number to keep in mind. According to the Federal Reserve Bank of Dallas’s recent survey of executives, as of late May, the average breakeven price for the U.S. basins
The Federal Reserve Bank of Dallas has released its slide show updating leading indicators in the oil and gas industry. The bank’s upstream survey respondents pegged breakeven prices for new wells in the nation’s basins in a range from $47 to $55 per barrel. The Midland Basin ranked lowest at $47. The category for Other U.S. non-shale was the highest
From the Federal Reserve Bank of Dallas The Federal Reserve Bank of Dallas has published its latest Energy Indicators report with pipeline constraints leading the news. Report follows. Pipeline limitations are driving down local prices for oil and natural gas, causing drilling activity to flatten and the inventory of uncompleted wells to rise in the Permian Basin. Texas mining employment
Dallas Fed chief sees global energy markets retaining “fragile equilibrium” during the next few years Kaplan said that because of the recent years’ reduced investments in large offshore and oilsands projects that can take many years and many millions up to billions of dollars to accomplish, the global energy market has increased its dependence on future production growth from shale
The oil and gas sector in Texas remained strong through March according to the Dallas Fed’s new report. Prices for WTI crude oil rose slightly in March, staying close to $63 per barrel and oil production in the Permian Basin and Eagle Ford rose again. Employment spiked up in February and is at its highest level since late 2015, while
The Federal Reserve Bank of Dallas is populated with smart people who track the comings and goings of all the factors affecting the energy industry, not just in Texas but globally. Dallas Fed SVP and Research Advisor Mine Yücel discussed oil prices and global supply conditions and economic effects of price shocks in a presentation at the EnerCom Dallas investment
The Federal Reserve Bank of Dallas reported that wages in the Permian Basin fell for the second quarter in a row after spiking in first quarter 2017. The rig count and crude oil production rose in January, the Fed said. Wages Average weekly wages fell 0.3% in the Permian Basin, while wages fell by almost 1% statewide between second quarter
Activity in the Eleventh Federal Reserve District’s energy sector gained momentum in the fourth quarter of 2017, according to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of business conditions—climbed over 10 points to 38.1, with the increase driven by the exploration and production side of the industry. Oil and gas production increased for the fifth
The Federal Reserve Bank of Dallas released its monthly report of energy-related economics, based on the bank’s September data. Dallas Fed: Backwardation for Brent “The Brent futures curve went into backwardation (downward sloping) through year-end 2019 on Sept. 25, 2017, a shift in the shape of the curve compared with the end of June when it was fully in contango
