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Oil Drilling & Gas Extraction in the US Industry Data and Analysis
Oil and gas producers have experienced high volatility in recent years. The pandemic halted the economy and ripped away steady growth as restrictions limited the need for oil and gas. The conflict in Ukraine added to the uncertainty, as the reliance on Russian oil and gas was distributed between domestic producers and other sources. As the economy recovered, the need for oil and gas shot up quicker than supply could match, causing prices to surge and generating substantial returns. Nonetheless, this growth was short-lived as prices fell in 2023 and 2024, causing revenue to dip, despite massive upticks in production. Overall, revenue has swelled at a CAGR of 9.5% over the five years, reaching $484.6 billion in 2025, including a 0.9% dip in 2025 alone, amid falling oil prices.
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What's included in this industry analysis
IBISWorld's research coverage on the Oil Drilling & Gas Extraction industry in the United States includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released September 2025.
About this industry
What's this industry report about?
The Oil Drilling & Gas Extraction industry in the United States operates under the NAICS industry code 21111. Companies in this industry operate and develop oil and gas field properties. Activities include the exploration and production of crude petroleum; the mining and extraction of oil from oil shale and oil sands; the exploration and production of natural gas; sulfur recovery from natural gas; and the recovery of hydrocarbon liquids. Companies may operate oil and gas wells on their own account or for others on a contract or fee basis. Related terms covered in the Oil Drilling & Gas Extraction industry in the United States include oil field, natural gas, liquefied natural gas (lng), offshore platforms, organization of petroleum exporting countries and ethanol.
What's included in this industry?
Products and services covered in Oil Drilling & Gas Extraction industry in the United States include Crude oil and lease condensate, Natural gas liquids and Dry natural gas.
What companies are included in this industry?
Companies covered in the Oil Drilling & Gas Extraction industry in the United States include Exxon Mobil Corporation, Conocophillips Co and Chevron Corp.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Oil Drilling & Gas Extraction industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Oil Drilling & Gas Extraction industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Oil Drilling & Gas Extraction industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Oil Drilling & Gas Extraction industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Oil Drilling & Gas Extraction industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Oil Drilling & Gas Extraction industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Oil Drilling & Gas Extraction industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Oil Drilling & Gas Extraction industry in the United States.
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Frequently Asked Questions
What is the market size of the Oil Drilling & Gas Extraction industry in the United States in 2026?
The market size of the Oil Drilling & Gas Extraction industry in the United States is $484.6bn in 2026.
How many businesses are there in the Oil Drilling & Gas Extraction industry in the United States in 2025?
There are 48,192 businesses in the Oil Drilling & Gas Extraction industry in the United States, which has declined at a CAGR of 0.3 % between 2020 and 2025.
How may import tariffs affect the Oil Drilling & Gas Extraction industry in the United States?
The Oil Drilling & Gas Extraction industry in the United States is likely to be impacted by import tariffs with imports accounting for a moderate share of industry revenue.
How may export tariffs affect the Oil Drilling & Gas Extraction industry in the United States?
The Oil Drilling & Gas Extraction industry in the United States is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Oil Drilling & Gas Extraction industry in the United States grown or declined over the past 5 years?
The market size of the Oil Drilling & Gas Extraction industry in the United States has been growing at a CAGR of 9.5 % between 2020 and 2025.
What is the forecast growth of the Oil Drilling & Gas Extraction industry in the United States over the next 5 years?
Over the next five years, the Oil Drilling & Gas Extraction industry in the United States is expected to decline.
What are the biggest companies in the Oil Drilling & Gas Extraction industry in the United States?
The biggest companies operating in the Oil Drilling & Gas Extraction industry in the United States are Exxon Mobil Corporation, Conocophillips Co and Chevron Corp
What does the Oil Drilling & Gas Extraction industry in the United States include?
Crude petroleum and natural gas and Natural gas liquid are part of the Oil Drilling & Gas Extraction industry in the United States.
Which companies have the highest market share in the Oil Drilling & Gas Extraction industry in the United States?
The company holding the most market share in the Oil Drilling & Gas Extraction industry in the United States is Exxon Mobil Corporation.
How competitive is the Oil Drilling & Gas Extraction industry in the United States?
The level of competition is high and steady in the Oil Drilling & Gas Extraction industry in the United States.
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