Oil Drilling & Gas Extraction in the US
The Oil and Gas Extraction industry has been challenged in recent years by a decline in oil and natural gas prices, and revenue contracted over the past five years due to steep price drops in 2015 and 2016. However, domestic production of oil and gas steadily increased over the five years to 2018, and industry operators positioned themselves to perform strongly as prices rise over the five years to 2023. Moving forward, the industry is also expected to increasingly hinge on improvements in drilling technology and techniques. As industry operators deplete their reserves, it will become necessary to improve efficiency and minimize waste. Over the five years to 2023, IBISWorld expects industry revenue to rebound in line with an expected increase in commodity prices.
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.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.