|Last Quarterly Update:||3/25/2013|
|SIC Codes:||1381, 1382, 1389|
|NAICS Codes:||213111, 213112|
|Industry Overview||Trends & Challenges||Industry Forecast|
|Quarterly Industry Update||Call Prep Questions||Website & Media Links|
|Business Challenges||Financial Information||Glossary & Acronyms|
Companies in this industry specialize in oil and gas well drilling and provide other services in support of oil and gas field operations on a contract basis. Major companies include US-based Baker Hughes, Halliburton, and National Oilwell Varco; Schlumberger (headquartered in Netherlands Antilles); Nabors Industries (Bermuda); and Transocean (Switzerland).
Worldwide, the oil and gas field services industry generates about $150 billion in revenue, according to GBI Research. Drilling and field service locations are determined by oil and gas production and reserves. Some of the largest oil and gas reserves are in Saudi Arabia, Russia, and Iran. Discovery of new reserves is also increasing oil and gas field services demand in areas like Brazil and West Africa.
The US oil and gas field services industry includes about 7,600 companies with combined annual revenue of about $84 billion and is expected to grow at a high rate over the next two years. Key growth drivers include new drilling technologies, the opening of federal land for exploration, and efforts to reduce US dependence on foreign oil.
Oil & Gas Field Equipment Manufacturing and Oil & Gas Exploration & Production are separate industry profiles.
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 ...
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