Industry Insight Report: Drilling Oil & Gas Wells Q1-2025
Industry Insight Report: Drilling Oil & Gas Wells Q1-2025
Producer Prices Plateau
Producer prices for oil and gas drilling services remained flat in December compared to a year ago after posting a previous flat December-versus-December annual comparison, according to the latest US Bureau of Labor Statistics data. Employment by the industry inched up 0.8% year over year in January, while average wages at oil and gas extraction firms fell 2.4% YoY in December to $43.48 per hour, BLS data show. Longer term, employment by drillers is down significantly from its highs in the mid-2010s as rig counts fall and companies rely more on technology to drive down production costs amid rising wages.
News Spotlight:
Congress kills Biden-era methane fee Oil & Gas Journal: Full Article »
Industry Forecast
Sales for the US oil and gas well drilling companies industry are forecast to grow at a 5.45% compounded annual rate from 2025 to 2029, faster than the growth of the overall economy.
By the Numbers
Employment by oil and gas extraction firms is relatively flat Overall employment by oil and gas extraction firms changed 0.2% in February 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 $42.55 per hour in January, a -3.7% 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 Q1-2025
Producer Prices Plateau
Producer prices for oil and gas drilling services remained flat in December compared to a year ago after posting a previous flat December-versus-December annual comparison, according to the latest US Bureau of Labor Statistics data. Employment by the industry inched up 0.8% year over year in January, while average wages at oil and gas extraction firms fell 2.4% YoY in December to $43.48 per hour, BLS data show. Longer term, employment by drillers is down significantly from its highs in the mid-2010s as rig counts fall and companies rely more on technology to drive down production costs amid rising wages.
News Spotlight:
Congress kills Biden-era methane fee
Oil & Gas Journal: Full Article »
Industry Forecast
Sales for the US oil and gas well drilling companies industry are forecast to grow at a 5.45% compounded annual rate from 2025 to 2029, faster than the growth of the overall economy.
By the Numbers
Employment by oil and gas extraction firms is relatively flat
Overall employment by oil and gas extraction firms changed 0.2% in February 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 $42.55 per hour in January, a -3.7% change compared to a year ago.
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