|Last Quarterly Update:||12/2/2013|
|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, National Oilwell Varco, and Schlumberger, along with Nabors Industries (Bermuda) and Transocean (Switzerland).
Worldwide, the oil and gas field services industry generates about $160 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 $99 billion. Key short-term industry growth drivers include new drilling technologies, the opening of federal land for exploration, and efforts to reduce US dependence on foreign oil.
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 highly competitive in both the domestic and international markets. Larger companies typically earn more than 60 percent of revenue outside the US.
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