Fourth Quarter Energy Survey released
Energy activity slowed, but future expectations remain positive
by Federal Reserve Bank of Kansas City
January 14, 2023
KANSAS CITY, MISSOURI – The Federal Reserve Bank of Kansas City released the fourth quarter Energy Survey today (Friday, January 13, 2023).
According to Chad Wilkerson, senior vice president at the Federal Reserve Bank of Kansas City, the survey revealed that growth in Tenth District energy activity slowed while expectations for future activity remained positive.
"The pace of growth for District drilling and business activity slowed in Q4 as commodity prices eased and input prices remained elevated," said Wilkerson. "Firms reported a drop in profits for the first time in over two years, but still remained moderately optimistic about 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.
A summary of the survey is attached. Results from past surveys and release dates for future surveys can be found at https://www.kansascityfed.org/surveys/energy-survey.
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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