Field day: Declining revenue will reverse moving forward, as gas and oil prices rebound

Over the past five years, the Oil and Gas Field Services industry in Texas has experienced revenue declines, as a result of the ups and downs in the wider oil and gas sector during the period. Innovative production methods, such as hydraulic fracturing and directional drilling, flooded the market with oil and gas, causing prices of these commodities to plummet through 2017, slashing demand for the field support solutions provided by industry operators. Though the industry will remain volatile, it is expected to return to growth over the five years to 2022...read more.

Industry Statistics & Market Size
Revenue
$50bn
Annual Growth 12-17
-2.2%
Forecast Growth 17-22
Profit
Employment
182,029
Businesses
11,126

Industry Threats & Opportunities

  • Many industry operators have resorted to drastic cost-cutting measures to remain afloat
  • Opposing production trends have contributed to a significant level of revenue volatility
  • The oil and gas sector in the Lone Star State is anticipated to recover somewhat
  • Industry Report - Industry Products Chapter

    Industry operators provide drilling and general support services for oil and natural gas extraction, as well as support services with mining and mineral ore extraction.Support activities for oil, gas and mining operationsThe majority of revenue for the Oil and Gas Field Services industry in Texas is generated from providing support activities for oil and gas operations, accounting for 76.8% of total revenue. Support activities for oil and gas operations include well surveying services, wireline services, plugging and abandoning of wells, pipe testing services, oil well logging services and hydraulic fracturing and other activities. By comparison, these services account for only 43.0% of total industry revenue on a national scale. Thi...purchase to read more.

    Additional Insights for the Oil & Gas Field Services in Texas Industry

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

  • Having a high prior success rate (including completed prior contracts)
  • Use of most efficient work practices
  • Optimum capacity utilization
  • 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 & Gas Field Services in Texas industry impact industry performance..

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    What's in this report

    What is the Oil & Gas Field Services in Texas Industry?

    Operators in this industry provide support services on a fee or contract basis to companies involved in oil and gas extraction, mining and quarrying activities in Texas. Industry operators may also provide services such as drilling, taking core samples and making geological observations at prospective work sites.

    Industry Products
  • Support activities for oil, gas and mining operations
  • Drilling oil and gas wells
  • Industry Activities
  • Drilling oil and gas wells
  • Surveying wells
  • Running, cutting and pulling casings, tubes and rods
  • Cementing wells
  • Perforating well casings
  • Acidizing and chemically treating wells
  • Coal exploration
  • Metal ore exploration
  • Nonmetallic mineral ore exploration
  • Contract mining
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Oil and natural gas price index
  • Annual Crude Oil Production in Texas
  • Annual Natural Gas Production in Texas
  • World price of steaming coal

  • Current Performance
  • Global oil glut
  • Slow road to recovery
  • Chart: Revenue Growth

  • Industry Outlook
  • Price comeback
  • Regulatory concerns
  • Table: Oil & Gas Field Services in Texas Industry Revenue Outlook

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

  • Supply Chains
    Key Buying Industries
  • Oil Drilling & Gas Extraction
  • Coal Mining
  • Stone Mining
  • Sand & Gravel Mining

  • Key Selling Industries
  • Engineering Services
  • Geophysical Services
  • Mining, Oil & Gas Machinery Manufacturing
  • Ocean & Coastal Transportation
  • Surveying & Mapping Services

  • Products & Services
  • Support activities for oil, gas and mining operations
  • Drilling oil and gas wells
  • Chart: Oil & Gas Field Services in Texas Industry Products and Services Segmentation

  • Major Markets
  • Oil extractors
  • Gas extractors
  • Mining sector
  • Chart: Major Market Segmentation for the Oil & Gas Field Services in Texas Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesPurchasesDepreciation, rent and other costs
  • Chart: Cost Structure Benchmarking – Sector vs Oil & Gas Field Services in Texas

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Oil & Gas Field Services in Texas Industry

  • Schlumberger Limited, Halliburton Company, Baker Hughes Inc., Weatherford International Plc.,
  • Table: Schlumberger Limited - financial performance
  • Table: Halliburton Company - financial performance
  • Table: Baker Hughes Inc. - financial performance
  • Table: Weatherford International Plc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Oil & Gas Field Services 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
    Table: Industry Data for the Oil & Gas Field Services 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
    Day Rate
  • The daily price charged to a producer for a drill rig, drilling and associated costs of personnel and routine supplies.
  • Drilling Rig
  • A machine used to drill holes for oil and natural gas wells.
  • Hydraulic Fracturing
  • The process of using pressurized water, chemical additives and propping agents to fracture rock layers and release petroleum, natural gas or other substances so that they can be extracted.
  • Jack-Up Rig
  • An offshore oil rig with a floating hull and retractable legs that can be lowered to the seabed for support.
  • Proppant
  • A solid material used to wedge a fracture open during hydraulic fracturing operations. Common materials used are sand and man-made ceramic granules.
  • Semisubmersible Rig
  • A mobile offshore drilling or production unit that floats on the water's surface above the subsea wellhead and is held in position either by anchors or dynamic positioning.
  • Well Logging
  • The practice of making a detailed record (a well log) of the geologic formations penetrated by a borehole.
  • What Our Customers Say

    Why buy this report?

    The Oil & Gas Field Services in Texas industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

    IBISWorld industry market research reports enable you to:
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    This report on Oil & Gas Field Services 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 & Gas Field Services 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 & Gas Field Services 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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