WASHINGTON (dpa-AFX) - The Federal Reserve Bank of Dallas released the results of its Dallas Fed Energy Survey on Wednesday, revealing activity in the oil and gas sector was relatively unchanged in the first quarter of 2024.
The business activity index, the survey's broadest measure of conditions energy firms in the Eleventh District face, came in at 2.0 in the first quarter, suggesting little to no growth during the quarter. The index was essentially unchanged from the fourth quarter.
Oil and gas production decreased during the quarter, according to oil and gas executives responding to the survey, with the oil production index falling to a negative 4.1 in the first quarter from a positive 5.3 in the fourth quarter.
Meanwhile, the Dallas Fed said the natural gas production index turned negative, falling sharply to a negative 17.0 in the first quarter from a positive 17.9 percent in the fourth quarter.
The report also said costs increased at a slightly faster pace for both oilfield services and exploration and production firms.
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