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According to the just-released Dallas Fed Energy Survey, activity in the oil and gas sector increased slightly in the fourth quarter of 2024.

The business index gives a broad measure of the conditions energy firms face in the Eleventh District (Texas, northern Louisiana and southern New Mexico), with activity increasing from -5.9 in the third quarter to 6.0 in the fourth quarter.

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The Federal Reserve Bank of Dallas conducts the survey quarterly to generate a timely assessment of energy activity among oil and gas firms, with results based on how oil and gas executives respond.

The survey also revealed that the company outlook index increased 19 points from -12.1 to 7.1, suggesting mild optimism among oil and gas companies while the outlook uncertainty index declined 26 points to 22.4.

Oil production index declined from 7.9 in the third quarter to 1.1 in the fourth quarter, while the natural gas production index improved from -13.3 to -3.5.

On average, respondents expect a West Texas Intermediate (WTI) oil price of $71 per barrel at year-end 2025; responses ranged from $53 to $100 per barrel.

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When asked about longer-term expectations, respondents on average expect a WTI oil price of $74 per barrel two years from now, and $80 per barrel five years from now.

In September last year, the Public Utility Commission of Texas (PUCT) approved the Permian Basin Reliability plan, supporting the expansion of the largest oilfield in the US to meet the rising demand for electricity. 

Texas has a high level of electricity use because of multiple energy-dense industries operating in the area, mainly data centres, cryptocurrency mining and oilfields.