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

Digging Deep: as World Crude Oil and Natural Gas Prices Rise, Operators Are Likely to Increase Resource Extraction

Over the five years to 2019, the Cementing Oil and Gas Well Services industry has been highly volatile due to massive fluctuations in crude oil and natural gas prices. The prices of oil and gas influence the level of investment in oil drilling and gas extraction, which require support services such as cementing. Weak crude oil prices as the period began weighed heavily on the industry. Profit declined during the period as decreased demand weighted heavily on average industry margins. However, crude oil prices began to rebound in 2017 and are expected to rise for the remainder of the period. Crude oil and natural gas prices are forecast to increase over the five years to 2024. Increasing prices, coupled with access to new reserves, are expected to boost industry revenue. This industry comprises establishments primarily engaged in supplying cementing, pumping and mixing services to oil and gas wells. Operators also provide cement plugging for oil and gas wells and other cement maintenance. Industry establishments are not involved in exploration activities or the drilling of oil and gas wells. 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.