The US oil and gas sector is stagnating as production slows amid low energy prices
Energy executives reported a steep slowdown in US oil and gas activity that indicates the industry is near stagnation, according to anThe index — a broad measure of conditions facing the surveyed energy firms in Texas, southern New Mexico, and northern Louisiana — clocked in at 2.1 for the first quarter, nearly 30 points lower than the previous quarter.
Meanwhile, a separate index reading from the survey showed oil production remained positive but slowed, falling to 10.5 from 25.8, with the natural gas production index sinking to 7.4 from 29.4. That pessimism is reflected in the company outlook index, which showed a 27.2-point decline from the prior quarter. Execs also pointed to heightened inflation pressures and the health of the global economy as the factors that would most sway their company's profitability this year.
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