What oil CEOs really think of Trump management in the oil sector: “Those who can present themselves to outings”

On Wednesday, new data from the Dallas Fed Energy Survey, which questioned oil and gas leaders in 139 companies in Texas, northern Louisiana and southern mexico in mid-September, show that oil and gas activity again slipped in the third quarter of 2025, increased by tail costs, political uncertainty and chaos Prices.

The widest measure of the commercial conditions of the survey, the commercial activities index, has arrived at –6.5, marking the second consecutive quarter of contraction.

The perspectives were even darker. The company’s perspective index plunged –17,6 of –6.4, while more than 44% of companies said that uncertainty remains high. The production of oil and natural gas has dropped down, while the costs for everything, from drilling to the rental of equipment, have jumped.

‘The noise and the chaos are deafening‘

The leaders were frank in the anonymous comments which publish the survey every quarter.

“The uncertainty of administration policies has put a shock absorber on all investments in the popatch oil,” wrote one of them. “Those who can run for outings.”

Another added that “administration prices, in particular on steel and aluminum to fifty percent, increase our business cost”.

For exploration and production companies, research and development costs have doubled this quarter, while lease operating expenses have also jumped.

Petroleum service companies said their margins were still deeply negative, describing the sector as a “bleeding”.

The prices deeply reduce: the operators have said that higher costs for tubular steel, heavy materials and imported components make the wells not profitable.

“The prices continue to increase the cost of production. We suffer from a combination of increased costs due to prices and pressure prices for the drop in end users,” said a service director.

A dark investment climate

This mixture of low prices and high costs strangled capital expenses. The investigation revealed that capital expenses drop strongly, the index falling to –11.6 of –3.0.

An operator stressed that the uncertainty of the regulatory policy put a brake on expenses.

“The daily changes in energy policy are not means for us to win as a country,” said the operator. “Investors avoid investing in energy due to volatility … and the” pen “is likely that the federal government will argue.”

The gloom is reflected in price expectations. The respondents now see the intermediate crude from West Texas to end in 2025 at only $ 63 per barrel, barely above what it was negotiated during the investigation period. Two years, the consensus increases modestly to $ 69, and to $ 77 in five years, the levels that many independents say are too low to justify the new drilling.

Shale’s dream kissing

Ten years ago, the American shales were praised as the most dynamic energy engine in the world. Now, the initiates of the industry describe it as broken, even if Trump removes tax credits for renewable energies.

“The collapse of the availability of capital has fueled the consolidation of majors, pushing the self -employed and entrepreneurs who have once defined the shale revolution,” said a defendant. “In their place, a handful of giants now dominate but at the cost of enormous job loss and the destruction of innovative culture and the risk -taking that made the industry of the American American shale.”

Others warned that the sector was whipped by the policy of both parties.

“The sword exerted against the renewable energy industry at the moment will probably be back in 3.5 years against traditional energy,” said one of them, highlighting methane penalties and allowing fights that could return with revenge.

While Trump insists that national drilling will feed a rebirth of American energy, the very policies that its administration pushes increases costs, limits investments and leaves many operators sitting on their hands.

“The oil industry will once again lose precious employees,” said an executive. “The borehole will disappear.”

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