Fed survey reveals bleak outlook as activity slows in major U.S. oilfields.

US oil and gas activity stalled in Q1 2022 as production gains slowed and drillers' outlooks turned negative, according to a survey by the Federal Reserve Bank of Dallas. Companies reported rising costs for a ninth straight quarter and said this year's weaker prices for oil and gas are hurting cash flow and profits. The survey was conducted among 147 oil and gas firms between March 15 and 23, a period in which oil prices were faltering on concerns about the global banking industry.