Oil and natural gas activity across the most prolific area of the Lower 48 in Louisiana, New Mexico and Texas moderated in the final three months of the year, as natural gas production edged up slightly and oil output slowed down.

The fourth quarter Dallas Fed Energy Survey, conducted by the Federal Reserve Bank’s Eleventh District, found energy activity “essentially unchanged” from the previous period. Data were collected between Dec. 6 and Dec. 14, and 144 energy firms responded. Of the respondents, 96 were exploration and production (E&P) firms and 48 were oilfield services (OFS) operators.

In its survey about the commodity price outlook participants said they expect Henry Hub natural gas to average $3.09/MMBtu at the end of 2024. For reference, Henry spot prices during...