FOR IMMEDIATE RELEASE
October 8, 2021
CONTACT: Pam Campbell
KANSAS CITY, Mo. –The Federal Reserve Bank of Kansas City released the third quarter External LinkEnergy Survey today. According to Chad Wilkerson, Oklahoma City Branch executive and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District energy activity accelerated, and a majority of firms reported higher revenues and profits. Drilling and business activity continued to outpace the previous year, and expectations increased further.
“District drilling and business activity grew in Q3, with additional growth expected over the next six months,” said Wilkerson. “Commodity prices have increased considerably from a quarter ago and a year ago, and firms also reported needing higher prices for drilling to be profitable for oil and natural gas.”
The Kansas City Fed's quarterly Tenth District Energy Survey provides information on current and expected activity among energy firms in the Tenth District. The survey monitors oil and gas-related firms located and/or headquartered in the Tenth District, with results based on total firm activity. Survey results reveal changes in several indicators of energy activity, including drilling, capital spending, and employment. Firms also indicate projections for oil and gas prices. All results are diffusion indexes – the percentage of firms indicating increases minus the percentage of firms indicating decreases. A summary of the survey is attached. Results from past surveys and release dates for future surveys can be found at External Linkhttps://www.kansascityfed.org/surveys/energy-survey.
The Federal Reserve Bank of Kansas City serves the Tenth Federal Reserve District, encompassing the western third of Missouri; all of Kansas, Colorado, Nebraska, Oklahoma and Wyoming; and the northern half of New Mexico. As part of the nation’s central bank, the Bank participates in setting national monetary policy, supervising and regulating numerous commercial banks and bank holding companies, and providing financial services to depository institutions. More information is available online at External Linkwww.kansascityfed.org.