The Federal Reserve Bank of Dallas has released its Q3 2025 Energy Survey, and the message from the field is clear: U.S. shale executives are losing confidence. Conducted September 10–18 across Texas, northern Louisiana, and southern New Mexico — a region that accounts for more energy output than many OPEC members — the survey captures the growing frustration of an industry once hailed as America’s “energy engine.”

The U.S. shale patch just saw a new milestone. Caturus Energy has contracted Nabors Industries to deploy the PACE-X Ultra™ X33 rig—the most powerful onshore drilling system currently operating in the country. For Caturus, a fast-growing South Texas gas producer, this represents both a technological leap and a strategic push toward its ambitious goal of reaching 1 Bcf/d of production by 2029.