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Oil and Gas Activity Declines Sharply in Q3 2025

9/25/2025

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Summary

Story summary

Q3 2025: Dallas Fed's Eleventh District oil and gas activity declined; index -6.5, up from -8.1 in Q2.
Outlook worsened to -17.6; oil production -8.6, natural gas -3.2; year-end WTI forecast $63, down from $68.
Oilfield services weakened: equipment utilization -13.0; prices received -26.1.
Costs rose to 22.0; lease operating expenses to 36.9; survey due December 17, 2025.

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Story summary

Q3 2025: Dallas Fed's Eleventh District oil and gas activity declined; index -6.5, up from -8.1 in Q2.
Outlook worsened to -17.6; oil production -8.6, natural gas -3.2; year-end WTI forecast $63, down from $68.
Oilfield services weakened: equipment utilization -13.0; prices received -26.1.
Costs rose to 22.0; lease operating expenses to 36.9; survey due December 17, 2025.