Oil & Gas Field Services
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 reach about $170 billion by 2028, according to the Business Research Company. 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 annual revenue of about $65 billion. 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. Brent oil experienced a positive shift, rising by $1.39 per barrel, which represents an increase of 1.9%, bringing the price to $74.49, according to Reuters. Similarly, the US West Texas Intermediate (WTI) crude saw a gain of $1.41 per barrel, or 2.0%, reaching $70.90. This upward momentum reflects a strengthening in the crude oil market.
Products, Operations & Technology
Major services include all oil and gas field services which account for about 35% of the industry's revenue, followed by hydraulic fracturing (about 20%),
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Business Challenges
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Call Preparation Questions
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Industry Forecast
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Glossary of Acronyms