Texas Oil and Gas Sector Contracts Amid ‘Challenging’ Conditions
- Dallas Fed survey shows continued decline in business activity
- Respondents tell of struggle due to low prices, flaring impact
Photographer: Luke Sharrett/Bloomberg
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The contraction of the oil and gas industry in and around Texas continued in the fourth quarter as shale producers cut back on spending and jobs, the latest survey from the Federal Reserve Bank of Dallas showed.
The bank’s business activity index was -4.2 for the final three months of the year, compared with -7.4 in the third quarter, according to its report published Friday.