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Drilling Products & Services to 2019

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Date: 30-Jun-2015
No. of pages: 277
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US demand to approach $70 billion in 2019

Demand for oil and gas drilling products and services in the US is forecast to reach nearly $70 billion in 2019, with modest overall growth for the period reflecting a healthy rebound from 2015 lows. Gains will result from a recovery in drilling activity expected to begin in late 2015 and surpass 2014 levels within the next several years. This rebound in drilling activity will mainly result from a recovery in oil prices, which declined rapidly in late 2014. In addition, higher domestic natural gas prices and an emerging LNG export industry will support drilling for natural gas. While efficiency improvements will allow operators to reduce expenditures per well in areas such as rig rental, the desire to reduce overall costs and maximize well productivity will result in additional spending on drilling fluids, tubular goods, rig equipment, and other products and services.

Drilling fluids, tubular goods to be fastest growing products

Drilling fluids and tubular goods will see the fastest growth among products used in drilling, driven both by overall growth in wells and footage drilled per annum and by increasing market penetration for premium products in both segments. High-performance, water-based drilling fluids will continue to increase their share of the market in difficult drilling conditions where oil-based fluids have been traditionally chosen. Similarly, increasing development of deeper and more challenging drilling environments -- such as in deepwater and deep tight oil and shale gas reservoirs -- will drive adoption of higher value casing and drill pipe. Higher value rig components and down-hole equipment necessary for more effective horizontal drilling, such as top drives, mud pumps, and rotary steerable systems, will also experience healthy increases through 2019.

Directional drilling, LWD, MWD to be among fastest growing services

As operators continue to improve the efficiency of the horizontal well drilling process, expenditures on many drilling services will grow more slowly than the number of wells drilled per year. However, the market for directional drilling and other services that can drive efficiency gains and optimize wellbore placement -- such as logging-while-drilling and measurement-while-drilling (LWD and MWD) -- will continue to expand at a strong pace.

Demand will remain concentrated in the South

While the sharp fall in oil prices in late 2014 and early 2015 will cause the oil industry to focus on only the most profit-able areas for now, a recovery in oil prices will once again allow exploration and production companies to profitably drill a range of onshore and offshore opportunities, including tight and shale plays, over the next few years. Through 2019, demand for drilling products and services will remain concentrated in the Southern US -- particularly in Texas and the Gulf of Mexico -- and in states with better understood unconventional plays -- such as Colorado, North Dakota, and Pennsylvania. Additionally, there is potential for activity to increase further in states such as Louisiana, Ohio, and Oklahoma, where promising but less developed unconventional plays exist. to 2019

Company Profiles

Profiles 34 US industry players such as Baker Hughes, National Oilwell Varco, Halliburton, Nabors, Tenaris, Schlumberger & Transocean

Additional Information

This study analyzes US demand for products and services used in drilling oil and natural gas wells. Products include oilfield country tubular goods, rig equipment, pressure control equipment, drill bits, downhole tools, drilling fluids, and others. Also included are drilling services, such as contract drilling, logging and measurement services, directional drilling control, and all other services directly related to oilfield drilling. In this study, all of these products and services are treated in the aggregate to define the size of the market for oil and gas drilling products. Excluded from the scope of this study are products and services related to oil and gas well completion, stimulation, workover, and production, as well as products and services related to enhanced oil recovery operations.

Historical data (2004, 2009, and 2014) and forecasts for the years 2019 and 2024 are provided for sales of drilling products and services at the aggregate level, valued in millions of current US dollars, including inflation. The term “demand” refers to “apparent consumption” and is defined as shipments (also referred to variously as “production,” “output,” or “supply”) from domestic manufacturing facilities, plus imports, minus exports. It is used interchangeably with the terms “market,” “sales,” and “consumption.”

Drilling Products & Services to 2019

Table of Contents

Introduction X

I. Executive Summary 1

II. Market Environment 4
General 4
Macroeconomic Environment 6
Crude Oil & Natural Gas Outlook 10
Oil & Gas Prices 13
Petroleum 15
Exploration & Reserves 17
Production 18
Drilling 21
Pricing 23
Natural Gas 24
Exploration & Reserves 26
Production 27
Drilling 31
Pricing 33
Drilling Outlook 34
Drilling Rigs 36
World Oil & Gas Outlook 38
World Petroleum Outlook 41
Reserves & Exploration 42
Production 47
Pricing Patterns 49
World Natural Gas Outlook 50
Reserves & Exploration 51
Production 54
Pricing Patterns 55
Historical Market Trends 56
Pricing for Selected Drilling Products & Services 59
Environmental & Regulatory Considerations 61
Foreign Trade 62
World Drilling Products & Services Outlook 64

III. Technology Overview 66
Drilling Technology 66
Directional Drilling 68
Horizontal Drilling 68
Pad Drilling 70
Other Drilling Technologies 71
Drilling Rig Technology 72
Drilling Fluids 73
Unconventional Oil & Gas 74
Tight Oil 75
Shale Gas 76
Coalbed Methane 77

IV. Products & Services 78
Supply & Demand 78
Services 80
General 80
Contract Drilling 82
Logging & Measuring Services 85
Directional Drilling Services 89
Other Drilling Services 91
Market Share 93
Equipment & Consumables 95
General 95
Tubular Goods 98
Rig Equipment 102
Pressure Control Equipment 104
Drill Bits 107
Downhole Tools 110
Other Equipment & Consumables 114
Market Share 115
Drilling Fluids 118
General 118
Product Characteristics 119
Demand by Type 121
Water-Based 122
Oil-Based 124
Synthetic-Based 124
Demand by Location 125
Demand by Region 128
Market Share 129

V. Regional Markets 132
General 132
Drilling Activity by Region 134
Drilling Products & Services Demand by Location 136
Onshore 137
Offshore 138
Deepwater 139
Drilling Products & Services Regional Overview 140
Southern Region 141
Drilling Activity Overview 141
Drilling Products & Services Demand 143
Texas 144
Gulf of Mexico 145
New Mexico 146
Louisiana 146
Arkansas 146
Mississippi & Alabama 147
Midwestern Region 147
Drilling Activity Overview 147
Drilling Products & Services Demand 148
North Dakota 149
Oklahoma 150
Ohio 151
Other Midwestern States 151
Western Region 152
Drilling Activity Overview 152
Drilling Products & Services Demand 153
Colorado 154
Wyoming 155
California 155
Utah 156
Alaska 156
Montana 157
Other Western States 157
Eastern Region 157
Drilling Activity Overview 158
Drilling Products & Services Demand 159
Pennsylvania 160
West Virginia 161
Other Eastern States 161

VI. Industry Structure 162
General 162
Market Share 165
Industry Restructuring 169
Research & Development 172
Marketing & Distribution 174
Competitive Strategies 176
Company Profiles 180
Aker Solutions ASA 181
Atlas Copco AB 184
AXON Energy Products Incorporated 186
Baker Hughes Incorporated 188
Baroid Industrial Drilling Products, see Halliburton BICO Drilling Tools, see Schoeller-Bleckmann Oilfield Equipment Cameron International Corporation 194
Canrig Drilling Technology, see Nabors Industries Columbia Oilfield Supply, see Precision Drilling Diamond Offshore Drilling, see Loews Ensco plc 198
Excalibar Minerals, see Newpark Resources Frank’s International NV 200
General Electric Company 202
GEO Drilling Fluids Incorporated 204
Geoservices, see Schlumberger Godwin-SBO, see Schoeller-Bleckmann Oilfield Equipment Grant Prideco, see National Oilwell Varco Halliburton Company 206
Helmerich & Payne Incorporated 210
Hughes Christensen, see Baker Hughes International Tubular Services, see Parker Drilling Lafarge SA 213
Loews Corporation 215
Nabors Industries Limited 217
National Oilwell Varco Incorporated 221
Navigate Energy Services, see Nabors Industries Newpark Resources Incorporated 231
NOV Intelliserv, see National Oilwell Varco and Schlumberger OAO TMK 234
OneSubsea, see Cameron International and Schlumberger Parker Drilling Company 236
Patterson-UTI Energy Incorporated 238
Precision Drilling Corporation 239
Quail Tools, see Parker Drilling Robbins & Myers, see National Oilwell Varco Rostel Industries, see Precision Drilling Rowan Companies plc 241
Ryan Directional Services, see Nabors Industries Sandvik AB 243
Schlumberger Limited 244
Schoeller-Bleckmann Oilfield Equipment AG 254
Seadrill Limited 257
Southwest Oilfield Products Incorporated 258
Sperry Drilling Services, see Halliburton Stabil Drill Specialties, see Superior Energy Services Sub Surface Tools, see Superior Energy Services Superior Energy Services Incorporated 259
Technip SA 261
Tenaris SA 263
TMK IPSCO, see OAO TMK Transocean Limited 266
Tuboscope, see National Oilwell Varco United Spiral Pipe, see United States Steel United States Steel Corporation 267
Vallourec SA 270
VAM USA, see Vallourec Weatherford International plc 273
Workstrings International, see Superior Energy Services

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 Macroeconomic Indicators 10
2 Oil & Gas Production & Consumption 13
3 Petroleum Supply & Demand 16
4 Crude Oil Drilling Indicators 22
5 Natural Gas Supply & Demand 25
6 Natural Gas Drilling Indicators 32
7 Active Drilling Rigs & Wells Drilled 36
8 Active & Available Drilling Rigs 38
9 World Oil & Gas Production by Region & Resource 41
10 World Crude Oil Proved Reserves by Country, 2014 46
11 World Natural Gas Proved Reserves by Country, 2014 53
12 Drilling Products & Services Market, 2004-2014 58
13 Pricing for Selected Drilling Products & Services 60
14 Drilling Equipment & Consumables Foreign Trade 64

Section IV -- Products & Services
1 Drilling Products & Services Demand 79
2 Drilling Services Demand 81
3 Contract Drilling Demand by Location & Region 85
4 Logging & Measuring Services Demand by Type & Region 88
5 Directional Drilling Services Demand by Region 91
6 Other Services Demand by Region 93
7 Drilling Equipment & Consumables Demand 97
8 Tubular Goods Demand by Product & Region 102
9 Rig Equipment Demand by Region 104
10 Pressure Control Equipment Demand by Product & Region 107
11 Drill Bit Demand by Product & Region 110
12 Downhole Tool Demand by Product & Region 113
13 Other Equipment & Consumables Demand by Region 115
14 Drilling Fluids Demand 119
15 Selected Drilling Fluid Additives 121
16 Drilling Fluids Demand by Type 122
17 Drilling Fluids Demand by Location 128
18 Drilling Fluids Demand by Region 129

Section V -- Regional Markets
1 US Oil & Gas Producing Regions 133
2 Drilling Activity by Resource, Region, & Location 136
3 Drilling Products & Services Demand by Location 137
4 Drilling Products & Services Demand by Region 141
5 Southern Region Drilling Indicators 143
6 Southern Region Drilling Products & Services Demand 144
7 Midwestern Region Drilling Indicators 148
8 Midwestern Region Drilling Products & Services Demand 149
9 Western Region Drilling Indicators 153
10 Western Region Drilling Products & Services Demand 154
11 Eastern Region Drilling Indicators 159
12 Eastern Region Drilling Products & Services Demand 160

Section VI -- Industry Structure
1 US Drilling Products & Services Sales by Company, 2014 164
2 Selected Acquisitions & Divestitures 171
3 Research & Development Expenditures for Selected Drilling Product & Service Firms 174
4 Selected Cooperative Agreements 179

List of Charts

Section II -- Market Environment
1 Natural Gas & Crude Oil Prices, 2004-2014 15
2 US Petroleum Reserves, 2004-2014 18
3 Petroleum Production, 2004-2014 19
4 Crude Oil Producing States, 2014 20
5 Crude Oil Drilling Indicators, 2005-2014 22
6 Crude Oil Prices, 2004-2014 24
7 Natural Gas Reserves, 2004-2014 27
8 Natural Gas Production, 2004-2014 29
9 Natural Gas Producing States, 2014 30
10 Natural Gas Drilling Indicators, 2005-2014 32
11 Natural Gas Prices, 2004-2014 34
12 Drilling Products & Services Market, 2005-2014 59

Section IV -- Products & Services
1 Drilling Services Demand by Type, 2014 82
2 Drilling Services Market Share, 2014 94
3 Drilling Equipment & Consumables Demand by Type, 2014 98
4 Drilling Equipment & Consumables Market Share, 2014 117
5 Drilling Fluid Market Share, 2014 131

Section VI -- Industry Structure
1 US Drilling Products & Services Market Share, 2014 165

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