U.S. energy company executives polled by the Federal Reserve Bank of Dallas have an optimistic outlook driven by upticks in activity and a jump in oil prices, according to a survey released on Wednesday.
Source: Reuters
Oil and gas producers are spending more money on projects and expect to raise that amount again next year, according to executives contacted by the Dallas Fed. The rosier outlook comes as oil prices on Wednesday climbed to the highest levels since late 2018 on crude inventory declines and shares in oil and gas companies traded higher.
The Dallas Fed survey includes executives from Texas, Louisiana and New Mexico.
Three-quarters of executives said they believe there will be a global crude oil supply gap in the next two to four years.
Oilfield services firms reported improvement in equipment use, operating margins and the prices received for services.
Most executives – 82% – do not think a carbon tax should be used to reduce carbon emissions, according to the survey.
