Patterson-UTI Energy of Texas, United States generated a revenue of more than four billion U.S. dollars in 2023, making it one of the largest land drilling companies in the world. Among its closest competitors are Nabors Industries and Helmerich & Payne. All companies saw their annual revenues increase between 2022 and 2023.
Symbiosis between oil prices and drilling activity
Over the last few years, profits made within the oilfield service industry have been reflective of overall trends in benchmark oil prices such as WTI and Brent. When oil prices surged in 2022, following supply constraints related to the Russia-Ukraine war, U.S. drillers were incentivized to increase production activity. As a result, many companies within the oil industry recorded a notable rise in annual revenues. For example, Nabors Industries' revenue rose by roughly 50 percent between 2021 and 2023.
Offshore drilling market leaders
The offshore drilling sector is dominated by Switzerland-based contractor Transocean Ltd. In 2023, the company reported a revenue of 2.8 billion U.S. dollars. Unlike its competitors, Transocean was able to increase its annual revenue in the difficult business year of 2020.
Revenue of selected land drilling companies within the energy equipment and services sector worldwide in 2022 and 2023
(in million U.S. dollars)
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Statista. (April 19, 2024). Revenue of selected land drilling companies within the energy equipment and services sector worldwide in 2022 and 2023 (in million U.S. dollars) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/326762/revenue-of-top-energy-services-and-equipment-land-drilling-companies-global/
Statista. "Revenue of selected land drilling companies within the energy equipment and services sector worldwide in 2022 and 2023 (in million U.S. dollars)." Chart. April 19, 2024. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/326762/revenue-of-top-energy-services-and-equipment-land-drilling-companies-global/
Statista. (2024). Revenue of selected land drilling companies within the energy equipment and services sector worldwide in 2022 and 2023 (in million U.S. dollars). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/326762/revenue-of-top-energy-services-and-equipment-land-drilling-companies-global/
Statista. "Revenue of Selected Land Drilling Companies within The Energy Equipment and Services Sector Worldwide in 2022 and 2023 (in Million U.S. Dollars)." Statista, Statista Inc., 19 Apr 2024, https://www.statista.com/statistics/326762/revenue-of-top-energy-services-and-equipment-land-drilling-companies-global/
Statista, Revenue of selected land drilling companies within the energy equipment and services sector worldwide in 2022 and 2023 (in million U.S. dollars) Statista, https://www.statista.com/statistics/326762/revenue-of-top-energy-services-and-equipment-land-drilling-companies-global/ (last visited December 22, 2024)
Revenue of selected land drilling companies within the energy equipment and services sector worldwide in 2022 and 2023 (in million U.S. dollars) [Graph], Statista, April 19, 2024. [Online]. Available: https://www.statista.com/statistics/326762/revenue-of-top-energy-services-and-equipment-land-drilling-companies-global/
