The recent downturn in oil prices forced a slowdown in the U.S. shale industry, and top executives appear to be gloomier than ever. According to a survey by the Dallas Federal Reserve, the business activity index in Texas fell to -0.6 in the second quarter, down from a positive reading of 10.8 in the first quarter. A negative reading means that business activity actually contracted from the prior quarter, offering evidence that the slide in oil prices led to a pullback in spending and drilling. While oil and gas production continued to rise in the second quarter, it did so at a slower pace than in months past. The Dallas Fed said that its spending index actually fell into negative territory, again, an indication of contraction. A slowdown in drilling is felt most acutely by oilfield services companies, who make their money from drilling volume and activity, rather than […]