Oil and natural gas activity sharply expanded during the first three months of the year in Texas, New Mexico and Louisiana, according to a survey by the Federal Reserve Bank of Dallas.

Henry Hub survey

Every quarter the Dallas Fed, as it is better known, surveys executives of exploration and production (E&P) firms and oilfield services (OFS) companies headquartered in the Eleventh District. The district, which covers all of Texas, northern Louisiana and most of New Mexico, is home to the Permian Basin, Eagle Ford and Haynesville shales. 

“Our latest survey results show the oil and gas industry starting 2021 on a positive note,” said Dallas Fed’s Michael Plante, senior research economist. “Business activity grew strongly, and survey respondents reported a dramatic improvement in their...