It could take another year for the oil and gas industry to see pre-Covid-19 levels of production, according to the oil and gas executives surveyed by the Federal Reserve Bank of Dallas in June.
The Houston Business Journal reports that more than 150 exploration and oil field services companies in Texas, Louisiana and New Mexico responded to the Dallas Fed’s questions about how much they produced during the second quarter, how many people they employed and how they felt about the future.
Of those surveyed, 41% expected U.S. drilling and global demand to return to pre-Covid levels sometime next year, while 39% didn’t expect a resurgence until 2022 or later. Another 16% predicted that the industry would never return to previous levels of production.
The Houston Business Journal has the full story. Get the complete Dallas Fed Energy Survey.
