Oil & Gas Exploration & Production Industry Overview

Companies that engage in or support upstream oil and gas activities, such as the exploration, development, and production of crude petroleum and/or natural gas.

Summary

The profits for the oil industry are greater now than any time in recent history. Gone are the days of oil sold at $10 a barrel (prices are now more than six times that figure). In fact, oil prices have become so fragile that even the threat of a storm that could potentially harm an oil refinery or a hint of terrorist activities in the Middle East can cause the price per barrel to jump.

Full Oil & Gas Exploration & Production Industry Description

Declining US Oil Production

US crude oil production declined 20 percent in the last decade and 5 percent annually in recent years as existing oil fields are depleted. Despite new exploration activity, proven crude oil reserves have declined for the past 50 years and have leveled over the past decade at roughly 21 billion barrels.

Full Oil & Gas Exploration & Production Industry Trends

• Mullen Group Income Fund
• TETRA Technologies, Inc.
• Abu Dhabi National Oil Company

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Hoover's has developed its own industry classifications to better serve its customers. These classifications are mapped to the North American Industry Classification System (NAICS) and the older U.S. Standard Industrial Classification (SIC) system. The Oil & Gas Exploration & Production maps to a number of NAICS codes including:

Full Oil & Gas Exploration & Production Industry Codes

• American Association of Petroleum Geologists
  
• American Petroleum Institute
  
• Energy Information Administration
  

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