First Research US Industry Profile

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Oil & Gas Field Services
SIC Codes: 1382, 1389
NAICS Codes: 213112
Last Quarterly Update: 5/30/2022
Companies in this industry support oil and gas field operations on a contract basis. Major companies include Baker Hughes, Halliburton, Nabors, National Oilwell Varco, Schlumberger, and Weatherford (all based in the US); as well as China Oilfield Services Limited (China), Saipem (Italy), and Transocean (Switzerland).
Worldwide, the expenditure of oil and gas well drilling and field services industry is forecast to increase by about $155 billion in 2021 and reach about $215 billion by 2025 with a total of $950 billion expenditure over 2021-2025, according to a Westwood Global Energy forecast issued in 2021. Field service locations are determined by oil and gas production and reserves. Some of the largest oil reserves are in Venezuela, Saudi Arabia, Canada, Iran, and Iraq.
The US oil and gas field services industry includes about 10,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $65 billion, according to the most recent Economic Census. Some companies in the industry provide drilling services, but oil and gas well drilling is covered in a separate industry profile.
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 oil and gas industry has experienced significant upheaval in recent years, partly due to the US shale oil boom and repercussions from supply flooding the market. Oil prices hit a high mark of more than $100 per barrel in mid-2014, and achieving it again in 2022 as a result of Russia's invasion of Ukraine. Prices remained in the $50 to $60 range in 2019, but when the COVID-19 pandemic hit in Spring 2020, prices plummeted to below $20 a barrel, creating major industry challenges.
Products, Operations & Technology
Major services include other oil and gas field services which account for about 45% of the industry's revenue, followed by hydraulic fracturing (about ... plus:
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Finance & Regulation
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Regional & International Issues
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Human Resources
Also includes the following chapters:
Quarterly Industry Update
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Industry Indicators
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Business Challenges
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Trends and Opportunities
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Call Preparation Questions
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Financial Information
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Industry Forecast
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Industry Websites
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Glossary of Acronyms

Historical Profiles (PDF format)

03/28/2022
01/24/2022
10/25/2021
08/02/2021
05/03/2021
01/11/2021
11/30/2020
10/26/2020
08/17/2020
04/20/2020
08/26/2019
05/06/2019
02/04/2019
10/29/2018
07/30/2018
04/23/2018
01/22/2018
10/16/2017
07/17/2017
04/17/2017
01/16/2017
10/10/2016
07/11/2016
04/04/2016
12/21/2015
09/21/2015
06/15/2015
03/09/2015
12/08/2014
09/15/2014
06/23/2014
03/10/2014
12/02/2013
09/09/2013
06/17/2013
03/25/2013
12/17/2012
09/24/2012
07/09/2012
04/16/2012
01/09/2012
10/03/2011
06/27/2011
03/21/2011
12/06/2010
09/13/2010
06/07/2010
02/22/2010