Oil & Gas Field Services in the US - Industry Market Research Report

Welling up: Natural gas and crude oil prices are expected to become more stable moving forward

The Oil and Gas Field Services industry provides support services on fee and contract bases to companies involved in oil and gas extraction, mining and quarrying. Since the production of hydrocarbons dwarves that of any other mineral or energy source in the United States, the majority of operators are concerned with providing support services strictly to oil and gas companies. Given to this close relationship, the industry is exposed to numerous factors that govern the success of the Oil Drilling and Gas Extraction industry (IBISWorld report 21111). For example, rising hydrocarbon prices typically yield an increase in demand for industry services as previously unprofitable sites become attractive to producers. However, as prices dip, demand for industry services tends to fall as producers become more cautious about extracting resources in a low-priced environment and limit drilling to only the most profitable fields. Industry revenue has declined an annualized 5.2% to $94.2 billion over the five years to 2023.

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.