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United States oil drilling market: $416.9 billion industry by 2018
Oil Drilling & Gas Extraction in the US - Industry Market Research Report - a new market research report on 2014-03-31 05:28:03
The United States Oil Drilling market and Gas Extraction industry has grown during the five years to 2013, with revenue projected to increase at an annualized 2.8% to $366.4 billion during the period. Despite a significant dip in 2009 when the US economy experienced a major slowdown, demand from emerging economies ramped up, causing crude oil prices to surge. These factors are largely responsible for much of the recent growth. Tensions in the Middle East have only exacerbated these price spikes due to continued speculation that oil supply in large, exporting countries may be threatened. Although oil prices briefly trended downward in early 2013, they are expected to remain at historic highs during the year, facilitating estimated revenue growth of 5.9%.

The industry´s natural gas segment is a promising avenue for growth. Recent discoveries of immense natural gas reserves in the Appalachian Basin have led industry firms to acquire properties in the area to cash in on the gas rush.

Growth in demand from electricity producers has underpinned much of the action, as these producers have been increasingly substituting natural gas for other electricity generation methods.

Additionally, natural gas prices have largely been spared from the rise in crude oil prices during the past two years because of the vast increase in additional domestic supply. In turn, industry firms are acquiring natural gas wells with the expectation that natural gas prices will rise to meet demand from electricity generators and other downstream customers.

The industry´s performance during the five years to 2018 hinges on oil and natural gas prices. While volatility could threaten industry revenue and profitability, oil and gas prices are projected to increase in the period on the back of sustained global economic growth in both developed and emerging economies. In the United States, demand for oil will likely rise in line with increased demand for transportation and industrial production. Additionally, substantial merger and acquisition activity is anticipated in the five years to 2018 as oil and gas producers use profit margins to expand operations. Industry revenue is forecast to rise during the next five years at an average annual rate of 2.6% to total $416.9 billion in 2018.

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