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Oil and gas production activity in some of the largest U.S. oil producing areas is declining as producers cut spending, leading to a cooling of activity in the oil service industry, according to an energy survey released Wednesday by the Federal Reserve Bank of Dallas.
The Fed Energy Enterprise Activity Index fell to negative 7.4 in the third quarter, the lowest since early 2016. Energy services activity fell by more than 28 points to minus 21.8.
Despite the increase in oil production, oil service companies reported a decline in business activities, indicating that they continued to implement strategies to achieve greater production at lower capacity. The report shows that the equipment utilization index fell 27 points to minus 24 in the third quarter, the lowest since 2016. The survey visited 163 energy companies in Texas, New Mexico and Louisiana this month.
Overall, the top executives of 55 oil-wear companies interviewed had negative views on the outlook. More than 42% of respondents said their operating profits had fallen from the previous year. Operating profit margin index fell to negative 23.
"Exploration and production companies cut expenditures and continue to depreciate prices on service companies. I expect that in the next six months some companies will be unable to get long-term debt and will seek help, "said an executive of an oil-suit company.
Employment and wage growth in the industry generally weakened, with employment indicators dropping from 1.7 in the previous quarter to negative 12.7. The employment index of the oil service industry declined by about 30 points, from 21.1 to negative 9.4.
Surveyed prospecting producers had a better view of the future, but they pointed out that capital pressures affected business activities and said they were worried about tariffs pushing up costs.

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