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Oil And Gas Drilling Subsector

412 Words2 Pages

The oil and gas drilling subsector within the broader energy sector includes companies that are involved with such practices as directional drilling, well drilling, and recondition of oil and gas field wells (The New York Times). It also encompasses crude petroleum production, the mining and extraction of oil from shale or sands and the recovery of hydrocarbon liquids, all natural gas producers and those that recover sulfur from natural gas (Investopedia). The largest companies in this subsector are: Atwood Oceanics, Helmerich & Payne, Nabors Industries, and Patterson-UTI Energy, as well as Ensco plc, Ensign Energy Services, and Transocean (Hoovers). These companies offer their services on contractual bases with larger oil and gas companies. The oil and gas drilling subsector makes up between 4.6% and 6.5% of the global economy (Investopedia) and fluctuates directly with the demand for oil and gas (Hoovers). Larger companies compete based on their efficiently and technical proficiency. Additional they can offer a wider range of services to their clients. Smaller firms, on the other hand, maintain their advantage by offering specialized drilling or services in a specific area (Hoovers). …show more content…

However the significant drop in oil prices over the last 18 months has had an enormous impact on the fracking companies. While the technology could allow the industry to recover more quickly, the current impact on the industry remains burdensome (CS

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