Overview

Oil slick: Falling oil and gas prices caused industry revenue to contract over the past five years

IBISWorld’s industry research report on Oil Drilling & Gas Extraction in Texas can be used to help you understand the industry’s market size, growth potential and major companies. Five-year forecasts provide insight into the industry’s prospects, so you can make decisions with confidence. This information is perfectly suited to informing your business plans, pitch books, benchmarking and SWOT analysis.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • Weak oil and gas prices have eaten into industry operators’ profitability
  • Oil and gas producers in Texas are increasingly engaging in refracking of old wells
  • Prices of crude oil and natural gas will recover from recent lows, bolstering operators’ profit margins

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    Industry Analysis & Industry Trends

    The Oil Drilling and Gas Extraction industry in Texas has had a bumpy ride over the five years to 2017. The increased adoption of innovative production methods, such as hydraulic fracturing and directional drilling, has significantly boosted oil and gas production levels the state. However, beginning in 2014, an oversupply in crude oil and natural gas slashed commodity prices, and caused industry reveue to fall over the past five years. Over the five years to 2022, the industy in forcast to return to growth, as oil and gas prices are expected to rise again in the wake of production cuts set by both Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries, helping to boost industry revenue...

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    Industry Report - Industry Locations Chapter

    The geographic spread of Oil Drilling and Gas Extraction activity in Texas falls in line with the distribution of oil and gas deposits. The old adage "everything is bigger in Texas" is applicable to the Oil Drilling and Gas Extraction industry, as the state is home to the largest number of oil drilling and gas extraction establishments in the country, accounting for 40.4% of the total. This concentration is due to the fact that 36.8% of total crude oil production and 27.4% of total domestic natural gas production takes place in the Lone Star State. The majority of this production comes from the Eagle Ford Shale and Permian Basin.

    The North, Gulf, West and Panhandle regions together account for an estimated 75.5% of total industry establishments. On ..

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    Additional Insights for the Oil Drilling & Gas Extraction in Texas Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Oil Drilling & Gas Extraction in Texas Industry are

  • Economies of scale
  • Downstream ownership links
  • Ability to find new resource deposits
  • IBISWorld analysts also discuss how external factors such as Oil and natural gas price index and Annual Crude Oil Production in Texas in the Oil Drilling & Gas Extraction in Texas industry impact industry performance..

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    Industry Products

    What is the Oil Drilling & Gas Extraction in Texas Industry?

    Companies in this industry operate and develop oil and gas field properties in Texas. 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 condensate
    Natural gas
    Industry Activities
    Extracting crude petroleum and natural gas
    Extracting natural gas liquid
    Exploring for crude petroleum and natural gas
    Drilling, completing and equipping wells
    Operating separators, emulsion breakers, desilting equipment and field-gathering lines for crude petroleum

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Oil and natural gas price index
  • Annual Crude Oil Production in Texas
  • Annual Natural Gas Production in Texas
  • Total vehicle miles

  • Current Performance
  • Growing pains
  • Global pressures
  • Challenges spur innovation
  • Chart: Revenue Growth

  • Industry Outlook
  • Price comeback
  • Competitive and regulatory pressures
  • Table: Oil Drilling & Gas Extraction in Texas Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Oil Drilling & Gas Extraction in Texas Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Natural Gas Distribution
  • Petroleum Refining

  • Key Selling Industries
  • Metal Pipe & Tube Manufacturing
  • Mining, Oil & Gas Machinery Manufacturing
  • Oil & Gas Field Services
  • Pump & Compressor Manufacturing

  • Products & Services
  • Crude oil and condensate
  • Natural gas
  • Chart: Oil Drilling & Gas Extraction in Texas Industry Products and Services Segmentation

  • Major Markets
  • Petroleum Refining industry
  • Natural Gas Distribution industry
  • Industrial users
  • Utilities
  • Chart: Major Market Segmentation for the Oil Drilling & Gas Extraction in Texas Industry

  • Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchasesDepreciationWages and other costs
  • Chart: Cost Structure Benchmarking – Sector vs Oil Drilling & Gas Extraction in Texas

  • Basis of Competition
  • Price
  • Quality
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Oil Drilling & Gas Extraction in Texas Industry

  • Major Companies
    Chesapeake Energy CorporationDevon Energy CorporationEOG Resources Inc.Pioneer Natural Resources Company
  • Table: Chesapeake Energy Corporation - financial performance
  • Table: Devon Energy Corporation - financial performance
  • Table: EOG Resources Inc. - financial performance
  • Table: Pioneer Natural Resources Company - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Oil Drilling & Gas Extraction in Texas Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Oil Drilling & Gas Extraction in Texas Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Annual Crude Oil Production in Texas (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Directional Drilling
  • Also known as slant drilling; a process by which non-vertical wells are drilled.
  • Horizontal Drilling
  • A process by which drilling takes place horizontally. Horizontal drilling is a subset of directional drilling.
  • Natural Gas
  • Gases that consist primarily of methane but also include small amounts of heavier hydrocarbons such as propane and butane.
  • Natural Gas Liquids (Ngls)
  • Hydrocarbons such as ethane, propane, butane, pentane and isobutane.
  • Oil Field
  • An underground or undersea deposit of oil contained within a stable geological formation.
  • Organization Of Petroleum Exporting Countries
  • Abbreviated as OPEC, this global organization, consisting of 12 countries, is designed to create stability and control in the petroleum markets.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Oil Drilling & Gas Extraction in Texas:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Oil Drilling & Gas Extraction in Texas market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Oil Drilling & Gas Extraction in Texas, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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