Oil and natural gas activity accelerated across Texas, parts of Louisiana and New Mexico during the first three months of 2022, but as Russia’s invasion of Ukraine continued, energy executives said they don’t foresee commodity prices surging to the end of the year.

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The first quarter survey of oilfield services (OFS) and exploration and production (E&P) executives is done by the Federal Reserve Bank of Dallas. The latest survey, conducted March 9-19, queried 91 E&P and 50 OFS executives who work in the Eleventh District, which encompasses northern Louisiana, southern New Mexico and Texas. 

“The business activity index – the survey’s broadest measure of conditions facing Eleventh District energy firms –  jumped from 42.6 in the fourth quarter to 56, reaching its...