Kunal Patel, Dallas Federal Reserve, discusses the results of the their quarterly survey involving the oil and gas industry. The four-year-old survey measures the health of the region’s oil and gas industry. In March, the survey’s business activity index dropped to what was at the time its lowest reading ever. As oil prices fell, so did the index, dropping to a new all-time low in June.
Patel said 1Q and 2Q saw much sharper declines, close to 60%, whereas the 3Q findings showed only a 6% decline, which traditionally is an incredible sign for stabilization.
However, many of the companies surveyed offered comments of uncertainty in the marketplace. Upcoming election, COVID, oil prices are just a couple reasons for uncertainty in the marketplace.
Patel also comments on the ESG movement in oil and gas financing.
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