The survey included responses from 83 exploration and production firms, as well as 42 oilfield services firms across Texas, northern Louisiana and southern New Mexico.
Oil prices have skyrocketed during the United States' and Israel's war with Iran, due to the closure of the Strait of Hormuz and damage to infrastructure. Sign up for the Hello, Houston!
daily newsletter to get local reports like this delivered directly to your inbox. On average, survey respondents said they expect the West Texas Intermediate crude oil price to be about $88 per barrel at the end of the year.
However, Federal Reserve senior business economist Kunal Patel said many executives remain uncertain about the outlook for oil and gas firms next year. "I think a lot of that has to do with the price volatility.
It's kind of unclear where prices will be," he said during a press briefing Wednesday. In survey comments, oil and gas executives echoed this uncertainty. "The Iranian conflict continues to be the wild card in the industry," a survey respondent from an exploration and production firm wrote.