Oil and Gas Field Services

Report Page Length: 10-12
Last Quarterly Update: 8/17/2009
SIC Codes: 1381, 1382, 1389, 3533
NAICS Codes: 213111, 213112, 333132
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Industry Profile Excerpt

The US oil and gas field services and equipment industry includes 8,000 companies with combined annual revenue of $89 billion. Major companies include Halliburton, Schlumberger, and Baker Hughes. Despite recent consolidation, the industry is still fragmented and characterized by small specialty firms: over half of companies have fewer than five employees.

COMPETITIVE LANDSCAPE

Demand is driven by oil and gas prices. The profitability of individual companies depends on technical expertise and efficiency of operations. Large companies can offer a broad range of services. Small firms can compete effectively by specializing in a particular type of service or geographic area. The industry is capital-intensive: average annual revenue per employee is about $410,000.

PRODUCTS, OPERATIONS & TECHNOLOGY

Oil and gas field service companies provide drilling and support services for oil and gas wells and make drilling equipment. Drilling provides about 35 percent of industry revenue, support services 45 percent, and equipment manufacture 20 percent. Major support services include preparing wells for production, maintaining and enhancing the output of producing wells, and exploration.

Drilling a well with a drilling rig involves creating a hole using a drill bit attached to a rotating drill "string" made up of 30-foot sections of pipe. Heavy fluids ("drilling mud") are pumped down the hole during drilling to carry cuttings to the surface. Periodically, the drill pipe is pulled out and a larger diameter pipe, known as "casing," is cemented in place to protect the hole against ...

 
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