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Many energy producers have sought federal bailout, Dallas Fed survey says

  • Half of executives surveyed in the Texas-Louisiana oil and gas producing region sought government stimulus money as stay-at-home orders to fight COVID-19 combined with collapsing crude oil prices to crush business activity, according to a survey by the Dallas Federal Reserve.
  • More than half of the 160 energy executives surveyed asked for federal aid, of which 89% got help, with most seeking payroll protection money, which provides as much as $10M in low-cost loans.
  • 82% of executives surveyed said they curtailed production because of low prices, more than a third expected to resume some production by the end of June, and 20% planned to reverse shut-ins during July.
  • Nearly a third said crude prices of $36-$41/bbl would be needed to restore production, and 27% said it would require prices at $41-$45/bbl; U.S. crude oil settled at $38.01 today.
  • ETFs: XLE, XOP, OIH, GUSH

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