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Oil and Natural Gas Services
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The U.S. oil and natural gas services industry’s demand is driven by oil and gas prices. The profitability of individual companies depends on technical expertise and efficiency of operations. Large companies can offer a broad range of services. Small firms can compete effectively by specializing in a particular type of service or geographic area. Oil and gas field service companies provide drilling (about 30 percent of sales) and support services (about 50 percent) for oil and gas wells and make drilling equipment. Major support services include preparing wells for production, maintaining and enhancing the output of producing wells, and exploration. This industry is not any different than most commodity-based industries as it faces long periods of boom and bust. Drilling and other service firms are highly dependent on the price and demand for petroleum. These firms are some of the first to feel the effects of increased or decreased spending. If oil prices rise, it takes time for petroleum companies to size up land, setup rigs, extract oil, transport it and refine it before oil companies sees any profit. On the other hand, oil services and drilling companies are the first on the scene when companies decide to start exploring.
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