Solid oil and gas sector growth continued in third quarter 2021, according to oil and gas executives responding to the Dallas Fed Energy Survey.
The business activity index—the survey’s broadest measure of conditions facing Eleventh District energy firms—remained elevated but moved down from 53.0 in the second quarter to 44.3 in the third quarter.
Oil production increased but at a significantly slower pace, according to executives at exploration and production (E&P) firms. The oil production index remained positive but fell from 35.0 in the second quarter to 10.7 in the third. Similarly, the natural gas production index fell 16 points to 19.3.
Special questions this quarter ask about expectations for U.S. electric vehicle sales, purchases of carbon credits and/or carbon offsets, COVID-19-related operational delays and hiring challenges.
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