Dallas Fed Announces New Quarterly Energy Survey; First Release June 29
For immediate release: June 20, 2016
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DALLAS—The Federal Reserve Bank of Dallas on June 29 will release a new quarterly energy survey at 9:30 a.m. Central Daylight Time.
The Dallas Fed Energy Survey samples about 200 oil and gas companies in the Eleventh Federal Reserve District—Texas, southern New Mexico and northern Louisiana—many of which have national and global operations.
“The Eleventh District is home to a significant portion of the U.S. energy industry, giving the Dallas Fed a unique perspective on energy issues,” said Rob Kaplan, Dallas Fed President and CEO. “This survey will provide valuable insight into current and future conditions within the highly important energy industry.”
The survey’s indexes provide a snapshot of energy companies’ current business activity, production levels, costs, employment, capital spending and the overall outlook.Respondents also will report on their expectations for oil and gas prices.
The Dallas Fed began gathering data for the survey in first quarter 2016. First-quarter survey results will be released in conjunction with the second-quarter results on June 29. Additionally, data from a set of stand-alone questions asked during the first quarter is now available (see charts below).
In the first quarter, respondents were asked how they expected employment levels to change in 2016. Forty-two percent of respondents reported that employment would remain at 2015 levels, while 40 percent reported they will be cutting employment this year, consistent with the more than 35,000 job cuts seen nationwide this year already.
Respondents were also asked what West Texas Intermediate (WTI) oil price they needed to cover operating expenses for existing wells. Average breakeven prices across regions ranged from about $30 to $45 per barrel.
In addition, respondents were asked what WTI oil price they needed to profitably drill a new well. Average breakeven prices were about $50 to $60 per barrel in most areas.
The second-quarter survey asks participants when they expect the global oil market to come into balance, and what factor they believe will be most important in bringing about the rebalancing process. It also asks what participants expect crude oil and natural gas prices to be at the end of the year. Results from these questions also will be released on June 29.
Data for first quarter special questions are available on request
Federal Reserve Bank of Dallas
Phone: (214) 922-5288