Energy Activity for US 10th Dist. Up in 2Q
Following a quarter of flat activity, the U.S. Tenth District saw a slight uptick in the second quarter, according to results released today from the Kansas City Fed’s quarterly energy survey.
The drilling and business activity index for energy firms in Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico and western Missouri increased from 0 to 7 indicating a modest expansion.
Further, the wages and benefits index remained positive while the employment index was flat.
The year-over-year drilling and business activity index fell from 17 to -11. Additionally, indexes for revenues, profits and access to credit dropped into the negative.
As far as expectation indexes, they fell with the future drilling and business activity index dropping from 17 to -26. This marks the lowest level since first quarter 2016.
Respondents were asked special questions, one of which was “what oil and natural gas prices were needed on average for a substantial increase in drilling to occur?”
The average response for oil price needed was $66 per barrel, up slightly from $63 in the fourth quarter of 2018.
The average response for natural gas price needed was $3.40 per million Btu.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension