Oil & Gas Well Drilling Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 3/17/2025
SIC Codes: 1381
NAICS Codes: 213111
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
View Full Sample Add To Cart

Excerpt from Oil & Gas Well Drilling Industry Profile

Companies in this industry specialize in drilling oil and gas wells for others on a contract or fee basis. Major companies include Noble Offshore, Helmerich & Payne, Nabors, and Patterson-UTI (all based in the US), as well as Precision Drilling (Canada), Transocean (Switzerland), and Valaris (UK).

Worldwide, drilling locations are determined by oil and gas production and reserves. Some of the largest oil and gas reserves during 2024 are in Venezuela, Saudi Arabia, Iran, Canada, and Iraq, according to the Organization of the Petroleum Exporting Countries (OPEC) report. The global refining distillation capacity will increase significantly between 2023 and 2030, according to the International Energy Agency (IEA).

The US oil and gas well drilling industry includes about 2,500 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $20 billion. Oil and gas field services other than drilling are covered in a separate industry profile.

COMPETITIVE LANDSCAPE

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 broader range of services in addition to drilling, and they can contract to serve major clients in multiple locations. Small firms can compete effectively by specializing in a particular type of drilling or geographic area.

The US industry is concentrated: the top 50 companies account for over 75% of revenue.

PRODUCTS, OPERATIONS & TECHNOLOGY

Drilling a well with a drilling rig involves ...

 
View Full Sample Add To Cart Return to the Industry Profile Menu

Related Profiles

Here are a few profiles related to Oil & Gas Well Drilling that you also might be interested in viewing:

Would you or your company benefit from having unlimited access to First Research's industry intelligence tools?

Learn More About Subscription Options