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.”
Artificial intelligence (AI) has quickly become a defining force in the energy transition. From seismic data reprocessing in the Permian Basin to powering massive new data centers in Ohio, AI is altering how oil and gas companies operate — and how much energy the world needs to fuel this transformation.
Transwestern Pipeline Co. LLC, a subsidiary of Energy Transfer LP, has secured sufficient binding commitments to move forward with its Desert Southwest Expansion Project, designed to transport growing natural gas volumes out of the Permian Basin.
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.
Chevron (NYSE: CVX) entered Q3 2025 with a mix of short-term headwinds and long-term ambitions. The company’s recently completed $55 billion acquisition of Hess Corporation adds immediate costs and complexity, but the strategic upside—particularly Hess’ Guyana assets—remains compelling. Here’s a breakdown of what Chevron announced and how drilling trends across North America provide context for its operations going forward.
State and local officials joined Woodside Energy this week to break ground on Louisiana LNG, a $17.5 billion liquefied natural gas export facility in Calcasieu Parish. The project represents the largest foreign direct investment in Louisiana’s history and underscores the Gulf Coast’s position as the epicenter of U.S. LNG exports.
EOG Resources (NYSE:EOG) is making bold moves in 2025. With its latest acquisition of Encino Energy — Ohio’s largest oil producer in the Utica Shale — the company has deepened its U.S. shale footprint while continuing to deliver strong financial results.
The U.S. drilling market continues to “eek out” progress, stringing together modest week-over-week increases. Gains remain uneven—Texas is slipping while Colorado, Kansas, and Wyoming are seeing growth. Gas rigs continue to provide stability, while oil rigs drive incremental weekly gains.
The Permian Basin has long been the heart of U.S. shale, defined by efficiency gains and relentless innovation. The first wave of AI adoption in the Permian focused on automation—optimizing drilling workflows, streamlining logistics, and reducing downtime. But the next frontier is emerging fast: AI-powered reservoir analysis and data reprocessing.
When oil trades near $60 per barrel, many U.S. shale producers face a margin squeeze. Devon Energy (NYSE: DVN), however, stands apart as one of the most efficient operators in the sector. With a true corporate breakeven near $45 WTI—well below the Dallas Fed’s industry survey range of $61–70—Devon thrives in conditions that challenge peers.
