"Essentially, all we've done is stop bleeding at this point," Ingham said, "but at least we aren't continuing to bleed."

The outlook for the energy industry has improved since the Organization of the Petroleum Exporting Countries and other major producers, such as Russia, agreed to cut crude oil production by about 1.8 million barrels a day, pushing prices above $50 a barrel and restarting drilling activity, 

Ingham said he expects conditions to improve this year, but only modestly. He expects prices to hover between $50 and $60, which will keep many oil companies struggling. 

"Oil and gas services have really taken a beating, and everyone needs $60 per barrel of oil to make a difference," said Ingham, who doesn't expect prices to reach that level this year.

While oil continues to make a sluggish recovery, natural gas prices are on the rise, possibly indicating a shift in the focus of Texas' production, Ingham added. Following a year of the lowest natural gas prices in nearly 20 years, natural gas prices are expected to rise in 2017 to their highest level in three years.