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Oil, Gas Production Slipped in Q3 2025, Dallas Fed Survey Shows

Business & Policy
September 24, 2025

(Reuters) – Oil and gas production and activity in the key producing states of Texas, Louisiana and New Mexico declined slightly in the third quarter of 2025, according to the Dallas Fed on Wednesday.

Costs among oilfield service firms rose in the third quarter compared with the second quarter, but at a slower pace. Companies expect a West Texas Intermediate oil price of $63 per barrel and a Henry Hub natural gas price of $3.30 per million British thermal units (MMBtu) at year-end 2025.

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Data were collected September 10–18. Of the respondents, 93 were exploration and production firms and 46 were oilfield services firms.

Reporting by Georgina McCartney in Houston; Editing by Mark Porter and Will Dunham