Oil and gasoline executives answered questions on capital spending and workforce adjustments in a particular questions phase of the fourth quarter Dallas Fed Power Survey.
On this phase, members have been requested what their expectations have been for his or her agency’s capital spending in 2026 versus 2025. Executives from 124 oil and gasoline companies answered this query, with 26 p.c answering “improve barely”, 24 p.c answering “stay near 2025 ranges”, 20 p.c answering “lower considerably”, 19 p.c answering “lower barely”, and the remaining 11 p.c answering “improve considerably”, the survey confirmed.
“Reponses diverse broadly amongst executives,” the survey famous. They survey additionally identified that “responses differed relying on the agency’s measurement and kind”.
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“‘Stay near 2025 ranges’ was essentially the most chosen response from executives at massive E&P [exploration and production] companies (35 p.c), whereas essentially the most chosen response from executives at small E&P companies was improve barely (29 p.c),” the survey added.
“Extra executives (48 p.c) at oil and gasoline assist providers companies anticipate their agency’s capital spending in 2026 to lower relative to the variety of executives (29 p.c) anticipating a rise,” it continued.
The fourth quarter Dallas Fed Power Survey highlighted that E&P companies have been categorized as small in the event that they produced fewer than 10,000 barrels per day and huge in the event that they produced 10,000 barrels per day or extra. Responses got here from 69 small companies and 17 massive companies, the survey identified. Executives from 86 exploration and manufacturing companies and 38 oil and gasoline assist providers companies answered the query, the survey confirmed.
“Within the U.S., small E&P companies are larger in quantity, however massive E&P companies make up nearly all of manufacturing (greater than 80 p.c),” the fourth quarter Dallas Fed Power Survey famous.
The particular questions phase of the survey additionally requested members what WTI crude oil worth their agency is utilizing for capital planning in 2026. Executives from 119 oil and gasoline companies answered this query and gave a median response of $59 per barrel, the survey confirmed, highlighting that the median and mode responses got here in at $60 per barrel.
Workforce Adjustments
The particular questions phase went on to ask members how they anticipate the variety of staff at their firm to alter from December 2025 to December 2026.
Executives from 126 oil and gasoline companies answered this query, with 57 p.c answering “stay the identical”, 17 p.c answering “improve barely”, 17 p.c answering “lower barely”, six p.c answering “lower considerably”, and three p.c answering “improve considerably”, the survey revealed.
Amongst executives at E&P companies, 61 p.c answered “stay the identical”, 15 p.c answered “lower barely”, 14 p.c answered “improve barely”, seven p.c answered “lower considerably”, and three p.c answered “improve considerably”, the survey confirmed.
Forty-seven p.c of executives from providers companies answered “stay the identical”, 26 p.c answered “improve barely”, 21 p.c answered “lower barely”, three p.c answered “improve considerably”, and the remaining three p.c answered “lower considerably”, the fourth quarter Dallas Fed Power Survey highlighted.
Executives from 88 exploration and manufacturing companies and 38 oil and gasoline assist providers companies answered the query, in keeping with the survey.
The Dallas Fed states on its web site that it conducts the Dallas Fed Power Survey quarterly to acquire a well timed evaluation of vitality exercise amongst oil and gasoline companies situated or headquartered within the Eleventh District. The Eleventh District encompasses Texas, northern Louisiana and southern New Mexico, the location highlights.
Knowledge for the fourth quarter Dallas Fed Power Survey and particular questions phase was collected from December 3-11. In accordance with the Dallas Fed’s web site, 131 vitality companies responded to the survey and 128 oil and gasoline companies responded to the particular questions phase.
The subsequent Dallas Fed Power Survey, the primary quarter 2026 survey, is scheduled to be launched on March 25, 2026.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
