Industry Insight Report: Drilling Oil & Gas Wells Q4-2024
Industry Insight Report: Drilling Oil & Gas Wells Q4-2024
Rising Producer Prices
Producer prices for oil and gas drilling services rose 3.3% in July compared to a year ago after rising 5.1% in the previous July-versus-July annual comparison, according to the latest US Bureau of Labor Statistics data. Employment by the industry grew 1.3% year over year in August, while average wages at oil and gas extraction firms dipped 0.7% YoY in July to $42.79 per hour, BLS data show. Longer term, employment by drillers is down significantly from highs in the mid-2010s as rig counts fall and companies rely more on technology to drive down production costs, while wages have increased.
News Spotlight:
Exclusive: Trump prepares wide-ranging energy plan to boost gas exports, oil drilling, sources say Reuters: Full Article »
Industry Forecast
Sales for the US oil and gas well drilling companies industry are forecast to grow at a 6.54% 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 1.9% in November compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at oil and gas extraction firms fall Average wages for nonsupervisory employees at oil and gas extraction firms were $42.26 per hour in October, a -5.0% 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 Q4-2024
Rising Producer Prices
Producer prices for oil and gas drilling services rose 3.3% in July compared to a year ago after rising 5.1% in the previous July-versus-July annual comparison, according to the latest US Bureau of Labor Statistics data. Employment by the industry grew 1.3% year over year in August, while average wages at oil and gas extraction firms dipped 0.7% YoY in July to $42.79 per hour, BLS data show. Longer term, employment by drillers is down significantly from highs in the mid-2010s as rig counts fall and companies rely more on technology to drive down production costs, while wages have increased.
News Spotlight:
Exclusive: Trump prepares wide-ranging energy plan to boost gas exports, oil drilling, sources say
Reuters: Full Article »
Industry Forecast
Sales for the US oil and gas well drilling companies industry are forecast to grow at a 6.54% 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 1.9% in November compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at oil and gas extraction firms fall
Average wages for nonsupervisory employees at oil and gas extraction firms were $42.26 per hour in October, a -5.0% change compared to a year ago.
Categories
Advisors
Archives