Oil Drilling & Gas Extraction in Texas
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.
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.
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.
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