A report from the Dallas Federal Reserve said regional economic metrics indicated mostly positive momentum, "except in the energy sector."

A so-called Beige Book from the bank said the regional economy grew at a modest pace since late July. Activity in the real estate sector was strong, and manufacturing demand was mixed.

"Price pressures remained subdued, and employment held steady or increased," the bank said. "Outlooks were mostly positive, except in the energy sector."

An August report from Fitch Ratings this week found some Texas cities like Houston, which hosts the headquarters of several major energy companies, were pressured by the weak crude oil market.

For the state as a whole, tax collections for June were down 1.4 percent year-on-year, marking an end to a near five-year streak of gains.

The Dallas bank said employment across most economic sectors at worst held steady, except again in the energy sector, where layoffs are expected. Fitch Ratings found that, while low oil prices were curbing labor momentum, the refining sector was benefiting from current market conditions.

Wages across most economic sectors were relatively flat, the bank's report said.

The Railroad Commission of Texas, the state's energy regulator, said crude oil production in June averaged about 2.43 million barrels per day, up from the 2.15 million bpd reported in June 2014.

June data show the third straight month for gains for the No. 1 oil producer in the nation.

Nevertheless, while more rig activity was reported in Texas shale, the Dallas Federal Reserve found much of the exploration and production side of the industry was depressed, with most players telling the bank their outlook was grim.

"In general, more contacts are resigned to 'lower for longer' oil prices," the bank said in its report. "Outlooks for the next two quarters are negative."