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Oil Field Drilling Services in the US Industry Data and Analysis
The extraction of hydrocarbons dwarfs that of any other mineral or energy source in the country, which exposes oil field drilling services to various factors that directly impact revenue and profit. The period started off slowly as the economy was recovering from the pandemic, and many operations were gradually getting to full capacity, despite oil prices swelling. In 2022, growth really kicked off as production ramped up, bolstering the need for oil field drilling services. The rapidly growing popularity of hydraulic fracturing (fracking) also made waves, now allowing oil companies to extract oil from areas previously unattainable. Even so, volatile conditions and price drops late in the period led to constant fluctuations in both sales and profitability. Overall, revenue has pushed up at a CAGR of 2.9% over the five years, reaching $67.0 billion in 2026. This includes a 5.7% dip in 2026 alone, which stemmed from falling oil prices.
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What's included in this industry analysis
IBISWorld's research coverage on the Oil Field Drilling Services industry in the United States includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released January 2026.
About this industry
What's this industry report about?
The Oil Field Drilling Services industry in the United States operates under the NAICS industry code OD4722. This industry provides oil field services to companies that explore, drill and produce oil. Related terms covered in the Oil Field Drilling Services industry in the United States include semisubmersible rig, hydraulic fracturing (fracking), jack-up rig, drillship, well logging, drilling rig, day rate, daywork contract and workover.
What's included in this industry?
Products and services covered in Oil Field Drilling Services industry in the United States include Exploration and gathering services, Drilling and extraction services and Production, installation, maintenance and repair services.
What companies are included in this industry?
Companies covered in the Oil Field Drilling Services industry in the United States include Schlumberger Limited and Weatherford International Plc.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Oil Field Drilling Services industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Oil Field Drilling Services industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Oil Field Drilling Services industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Oil Field Drilling Services industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Oil Field Drilling Services industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Oil Field Drilling Services industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Oil Field Drilling Services industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Oil Field Drilling Services industry in the United States.
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Frequently Asked Questions
What is the market size of the Oil Field Drilling Services industry in the United States in 2026?
The market size of the Oil Field Drilling Services industry in the United States is $67.0bn in 2026.
How many businesses are there in the Oil Field Drilling Services industry in the United States in 2026?
There are 16,891 businesses in the Oil Field Drilling Services industry in the United States, which has declined at a CAGR of 1.0 % between 2021 and 2026.
How may import tariffs affect the Oil Field Drilling Services industry in the United States?
The Oil Field Drilling Services industry in the United States is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Oil Field Drilling Services industry in the United States?
The Oil Field Drilling Services industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Oil Field Drilling Services industry in the United States grown or declined over the past 5 years?
The market size of the Oil Field Drilling Services industry in the United States has been growing at a CAGR of 2.9 % between 2021 and 2026.
What is the forecast growth of the Oil Field Drilling Services industry in the United States over the next 5 years?
Over the next five years, the Oil Field Drilling Services industry in the United States is expected to grow.
What are the biggest companies in the Oil Field Drilling Services industry in the United States?
The biggest companies operating in the Oil Field Drilling Services industry in the United States are Schlumberger Limited and Weatherford International Plc
What does the Oil Field Drilling Services industry in the United States include?
Drilling oil and wells and Surveying wells are part of the Oil Field Drilling Services industry in the United States.
Which companies have the highest market share in the Oil Field Drilling Services industry in the United States?
The company holding the most market share in the Oil Field Drilling Services industry in the United States is Schlumberger Limited.
How competitive is the Oil Field Drilling Services industry in the United States?
The level of competition is high and increasing in the Oil Field Drilling Services industry in the United States.
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