Business activity has increased in the third quarter of this year according to oil and gas executives.
In a survey by the Dallas Fed Energy Survey, it was found business activity strengthened from 13.8 to 26.7.
It was also found oil and natural gas production fell for third consecutive quarter according to exploration and production firms, but at a slower rate than in pervious quarters.
The oil production index was -10.2, up from -19.7, and the natural gas production index was -20.6, up from -24.7 last quarter.
Meanwhile, among oil and gas support services firms, the equipment utilisation surged 25 points, coming in at 24.1.
Prices received for services dropped again this quarter, with the index coming in at -23.4.
Respondents also continue to be bullish about oil and natural gas prices one-year ahead.
Almost 62% believe oil prices will be higher than they currently are and 49% believe natural gas prices will increase.
Comments from some respondents suggest some increased uncertainty with several raising concerns about continued oversupply and recent oil price weakness.
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