Executives from oil and gas firms have revealed where they expect the West Texas Intermediate (WTI) crude oil price to be at various points in the future in the third quarter Dallas Fed Energy Survey, which was released recently.
The survey asked participants what they expect WTI prices to be in six months, one year, two years, and five years. Executives from 127 oil and gas firms answered this question and gave a mean response of $63 per barrel for the six month mark, $64 per barrel for the year mark, $69 per barrel for the two year mark, and $77 per barrel for the five year mark, the survey showed.
Executives from 120 oil and gas firms answered this question in the second quarter Dallas Fed Energy Survey and gave a mean response of $68 per barrel for the six month and year marks, $72 per barrel for the two year mark, and $77 per barrel for the five year mark, that survey showed.
In the first quarter Dallas Fed Energy Survey, executives from 124 oil and gas firms answered this question and gave a mean response of $68 per barrel for the six month mark, $70 per barrel for the year mark, $74 per barrel for the two year mark, and $82 per barrel for the five year mark, that survey revealed.
The latest survey also asked participants what they expect the WTI crude oil price to be at the end of 2025. Executives from 136 oil and gas firms answered this question and gave an average response of $63.06 per barrel, the survey highlighted. The low forecast was $50 per barrel, the high forecast was $80 per barrel, and the average daily spot price during the survey was $63.80 per barrel, the survey pointed out.
Executives from 135 oil and gas firms answered this question in the second quarter Dallas Fed Energy Survey and gave an average response of $68.18 per barrel, that survey highlighted. The low forecast in was $50 per barrel, the high forecast was $85 per barrel, and the average daily spot price during the survey was $69.81 per barrel, that survey pointed out.
Executives from 129 oil and gas firms answered this question in the first quarter Dallas Fed Energy Survey and gave an average response of $68.32 per barrel, that survey showed. The low forecast came in at $50 per barrel, the high forecast was $100 per barrel, and the average daily spot price during the survey was $67.60 per barrel, that survey highlighted.
In a “special questions” segment, the third quarter Dallas Fed Energy Survey asked exploration and production executives if their firm has delayed investment decisions in response to heightened uncertainty about the price of oil and/or the cost of producing oil.
Executives from 92 exploration and production firms answered this question, with 36 percent responding “yes, significantly”, 42 percent responding “yes, slightly,” and 22 percent responding “no”, the survey highlighted.
Among large E&Ps, 35 percent responded “yes, significantly”, 53 percent responded “yes, slightly”, and 12 percent responded “no”, according to the survey, which showed that, among small E&Ps, 36 percent responded “yes, significantly”, 40 percent responded “yes, slightly”, and 24 percent responded “no”.
Small E&P firms produced fewer than 10,000 barrels per day in the fourth quarter of 2024 and large E&P firms produced 10,000 barrels per day or more, the survey pointed out, adding that responses came from 75 small firms and 17 large firms.
The Dallas Fed conducts the Dallas Fed Energy Survey quarterly to obtain a timely assessment of energy activity among oil and gas firms located or headquartered in the Eleventh District, the Dallas Fed states on its website, highlighting that the Eleventh District encompasses Texas, northern Louisiana, and southern New Mexico.
To contact the author, email andreas.exarheas@rigzone.com
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