The Dallas Fed Energy Survey’s Q2 assessment of oil and gas firms in the Eleventh District showed that oil and gas activity deteriorated in Q2, according to oil and gas executives who responded to the survey. The survey’s main measure of the state of energy firms in the district—the business activity index—fell from -50.9 in Q1 to -66.1 in Q2. It is the lowest in the history of the survey, which began in 2016. This index, the Dallas Fed said, “was indicative of significant contraction in activity.” For oilfield service firms, the business activity index saw the biggest contraction, crashing from -46.3 in Q1 to -73.5 in Q2. For E&P companies in the district, the index fell from -53.3 to -62.6. The oil production index is at an all-time low for the survey after falling from -26.6 to -62.6. The natural gas production index also fell significantly, as did […]