Industry Insight Report: Drilling Oil & Gas Wells Q2-2024
Industry Insight Report: Drilling Oil & Gas Wells Q2-2024
Prices Flat Amid Rising Labor Costs
The Producer Price Index for oil and gas well drilling services was relatively flat in March compared to a year ago (down 0.3%) after rising 9.2% in the previous annual comparison, according to the latest US Bureau of Labor Statistics data. Meanwhile, employment by oil and gas extraction firms surged 20% in January compared to a year ago, while average wages rose 3.9% over the same period to $44.17 per hour, down slightly from their peak in December, per the BLS.
News Spotlight:
US drillers cut oil and gas rigs for fourth time in five weeks – Baker Hughes Reuters: Full Article »
Industry Forecast
Sales for the US oil and gas well drilling companies industry are forecast to grow at a 7.23% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by oil and gas extraction firms increases Overall employment by oil and gas extraction firms changed 6.8% in January compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at oil and gas extraction firms rise Average wages for nonsupervisory employees at oil and gas extraction firms were $43.41 per hour in December, a 17.3% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: Drilling Oil & Gas Wells Q2-2024
Prices Flat Amid Rising Labor Costs
The Producer Price Index for oil and gas well drilling services was relatively flat in March compared to a year ago (down 0.3%) after rising 9.2% in the previous annual comparison, according to the latest US Bureau of Labor Statistics data. Meanwhile, employment by oil and gas extraction firms surged 20% in January compared to a year ago, while average wages rose 3.9% over the same period to $44.17 per hour, down slightly from their peak in December, per the BLS.
News Spotlight:
US drillers cut oil and gas rigs for fourth time in five weeks – Baker Hughes
Reuters: Full Article »
Industry Forecast
Sales for the US oil and gas well drilling companies industry are forecast to grow at a 7.23% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by oil and gas extraction firms increases
Overall employment by oil and gas extraction firms changed 6.8% in January compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at oil and gas extraction firms rise
Average wages for nonsupervisory employees at oil and gas extraction firms were $43.41 per hour in December, a 17.3% change compared to a year ago.
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