What executive managers are really thinking of the Trump administration of the oil sector: “Those who can run for exits”

new Data On Wednesday from Dallas Virus Energy Survey, which included the surveys of oil and gas executives in 139 companies across the Texas, North Louisiana and South New Mexico in mid -September, oil and gas activity declined again in the third quarter of 2025, as it declined with the costs of rise, uncertainty in politics, and chaos of new definitions.

The widest scale of working conditions, the business activity index, came in -6.5, which represents the second quarter in a row of contraction.

The expectations were more depressed. The company’s Outlook index fell to -7.6 from -6.4, while more than 44 % of companies said that uncertainty was still high. The production of both oil and natural gas has decreased, while the costs of everything from drilling increased to the equipment rental.

Noise and chaos describes the ears‘

Executive officials were explicit in the unknown comments that came out with the survey every quarter.

One of them wrote: “He has put uncertainty from management policies inhibited all investment in OilPatch,” one of them wrote. “Those who can run for exits.”

Another added that “the tariff of the administration, especially on steel and aluminum by fifty percent, increases the cost of our work.”

For exploration and production companies, the costs of research and development have doubled in this quarter, while operating expenses have jumped sharply.

The oil field services companies stated that their margins are still deeply negative, as one of them described the sector as “bleeding”.

Deep tariff: The operators said that the costs of tubular steel, heavy materials and imported components make non -economic wells.

“The definitions continue to increase the cost of production. We suffer from a mixture of increased cost due to the tariffs and pricing pressure down of the final users,” said one of the CEOs of services.

Dark investment climate

This combination of weak prices and high costs has suffocated capital spending. The poll found that capital expenses decreased sharply, as the index fell to -11.6 from -3.0.

One of the operators stressed that the uncertainty of organizational policy is to put the performent on spending.

“The daily changes in the energy policy are not a way to win as a country,” the operator said. “Investors avoid investing in energy due to fluctuations … and the risks of” stroke pen “offered by the federal government.”

Depression is reflected in price expectations. West Texas raw broker now sees 2025 at $ 63 a barrel, barely above the place where it was circulated during the scanning period. After two years, the consensus increases modestly to $ 69, up to $ 77 after five years from now, and the levels that many independents say are very low to justify the new drilling.

The dream of rock

A decade ago, American Bulge was welcomed as the most dynamic power engine in the world. Now, those familiar with the industry describe it as broken, even like Trump It removes tax credits for renewable energy.

One of the respondents said: “The collapse of the availability of capital led to the unification of specializations by major companies, which prompted the independents and businessmen who once identified the oil rock revolution.” “In their place, a handful of giants is now dominating but at the expense of losing massive jobs and destroying the innovative culture and the risks that made the American rock industry great.”

Others have warned that this sector is taking place from both parties.

One of them probably said that the sword that is used against the renewable energy resources industry is currently due to 3.5 years against traditional energy, “noting that methane sanctions and allows the battles that can return to revenge.

While Trump insists that local drilling will return to the renaissance of American energy, the same policies paid by his administration are to raise costs, curb investment, and leave many operators sitting at their hands.

“The oil industry will again lose valuable employees,” one of the executives. “The pits will disappear.”

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