Energy Survey released
by Federal Reserve Bank of Kansas City
October 9, 2020
The Federal Reserve Bank of Kansas City released the third quarter Energy Survey today (Friday, October 9, 2020). According to Chad Wilkerson, Oklahoma City Branch executive and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District energy activity stabilized somewhat, but job cuts continued.
"District drilling and business activity rose slightly in Q3 from historic lows earlier this year, but revenues, employment, and capital expenditures continued to decline," said Wilkerson. "Over a quarter of firms surveyed expected global oil demand to return to Pre-COVID levels by Q2 2021, but the majority of contacts don’t expect oil demand to rebound fully until 2022 or 2023."
The Kansas City Fed's quarterly Tenth District Energy Survey provides information on current and expected activity among energy firms in the Tenth District. The survey monitors oil and gas-related firms located and/or headquartered in the Tenth District, with results based on total firm activity. Survey results reveal changes in several indicators of energy activity, including drilling, capital spending, and employment. Firms also indicate projections for oil and gas prices. All results are diffusion indexes – the percentage of firms indicating increases minus the percentage of firms indicating decreases. Results from past surveys and release dates for future surveys can be found at https://www.kansascityfed.org/research/indicatorsdata/energy.
The Federal Reserve Bank of Kansas City serves the Tenth Federal Reserve District, encompassing the western third of Missouri; all of Kansas, Colorado, Nebraska, Oklahoma and Wyoming; and the northern half of New Mexico. As part of the nation’s central bank, the Bank participates in setting national monetary policy, supervising and regulating numerous commercial banks and bank holding companies, and providing financial services to depository institutions. More information is available online at www.kansascityfed.org.
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