Oil and gas activity in the U.S. Eleventh District slipped into contraction in the second quarter of 2025, according to the Dallas Fed Energy Survey released Wednesday, with firms citing falling production, deteriorating service margins, and deepening uncertainty. The survey’s headline business activity index dropped from 3.8 in Q1 to -8.1, marking a return to negative territory. Executives pointed to declines in both oil and gas production, with the oil production index falling to -8.9 and the natural gas production index to -4.5, which…