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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 | Jun 2016

Gassing up: Improving technology is anticipated to maximize well efficiency

IBISWorld’s Oil Drilling & Gas Extraction market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$203bn
Annual Growth 11-16
-7.4%
Annual Growth 16-21
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Profit
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Employment
131,152
Businesses
61,552
Industry Analysis & Industry Trends

The Oil and Gas Extraction industry has been challenged in recent months by a decline in oil prices. However, new technologies and extraction techniques enabled the industry to quickly recover from the negative shocks of the economic downturn and ushered in several years of strong growth. In the coming years, improving technology is anticipated to assist operators in meeting environmental concerns and maximize well efficiency; as a result, IBISWorld expects that industry companies will be able to continue operating profitably and successfully in the United States... purchase to read more

Industry Report - Industry Investment Chapter

The Oil Drilling and Gas Extraction industry is highly capital intensive. In 2016, for every dollar spent on wages, the average industry company will invest an estimated $4.61 in capital equipment. This ratio ranks this industry among the most capital intensive of all industries. Companies rely on large-scale capital equipment, rather than labor, for output. However, oil field workers also must be highly skilled and trained, which is reflected in the industry's very high average wage. In addition, the substantial capital cost of production facilities reflects the need for a high degree of reliability. Facilities operate constantly and must be resistant to corrosion. They must also be able to withstand extreme weather, both offshore and onshore... 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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