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Oil Drilling & Gas Extraction in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Oil Drilling & Gas Extraction Market Research Report | NAICS 21111 | Aug 2015

Out of gas: Plummeting oil prices will cause sharp but temporary decline in revenue

IBISWorld’s Oil Drilling & Gas Extraction market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$298bn
Annual Growth 10-15
-0.2%
Annual Growth 15-20
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Profit
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Employment
190,361
Businesses
87,429
Industry Analysis & Industry Trends

The Oil and Gas Extraction industry has been challenged in recent months by a decline in oil prices. Although new drilling techniques have opened up previously uneconomical oil and gas deposits, price volatility is expected to cause an overall decrease in revenue over the period. Future industry performance is expected to increasingly hinge on improvements to drilling techniques; as operators deplete their reserves, it will be more important for them to improve efficiency and minimize waste. Over the next five years, an expected recovery of oil prices will drive a rapid rebound in industry revenue... purchase to read more

Industry Report - Industry SWOT Analysis Chapter

The Oil Drilling and Gas Extraction industry is in the mature phase of its life cycle. Industry value added (IVA), a measure of the industry's contribution to the overall economy, is expected to grow at an annualized rate of 6.1% in the 10-year period to 2020. US GDP is expected to grow 2.5% annually on average during the same period. While IVA growth in this industry is expected to outpace the overall economy, this growth is inflated by depressed revenue during 2010, resulting from the recession. The importance of oil and gas extraction will continue to ensure the relevance of this industry. Recent discoveries in the Bakken oil field in North Dakota and the Appalachian basin have bolstered the United States' supply of natural gas resources... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Oil Drilling & Gas Extraction Industry?

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 recovery of hydrocarbon liquids. Companies may operate oil and gas wells on their own account or for others on a contract or fee basis.

Industry Products
Crude oil and lease condensateNatural gas liquidsDry natural gas
 
Industry Activities
Extracting crude petroleum and natural gas Extracting natural gas liquid Exploring for crude petroleum and natural gasDrilling, completing and equipping wellsOperating separators, emulsion breakers, desilting equipment and field gathering lines for crude petroleum


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