Oil & Gas Field Services in the US
Over the five years to 2018, divergent US and global energy prices resulted in volatile year-on-year revenue growth. However, starting in late 2014 and continuing through to 2016, the prices of crude oil and natural gas plummeted, severely hindering demand for industry services. Consequently, over the five years to 2018, industry revenue is expected to fall at an annualized rate of 11.8% to $76.7 billion. However, crude oil and natural gas prices began recovering beginning mid-2017, and industry revenue is expected to grow at 11.1% over 2018. Demand for oil and gas field services is projected to rise over the five years to 2023 as the global economy recovers. However, low US crude oil prices will likely continue to constrain industry growth.
Operators in this industry provide support services on a fee or contract basis to companies involved in oil and gas extraction, mining and quarrying. Industry operators may also provide services such as drilling, taking core samples and making geological observations at prospective work sites.
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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