Segment Focus
Exploration & Production
2015 First Quarter
In 2015, oil and gas exploration & production activities in the US are expected to generate $320.0 billion in revenue.1 This represents an 8.8% decline from 2014, but a 13.9% increase from 2009’s nadir. Industry revenues peaked in 2008 due to record-high oil prices, but declined precipitously in 2009 as prices dropped, driven by declining energy demand resulting from lower levels of economic activity during the recession.
Industry revenues have generally increased since that time as the economy and oil prices recovered, but are expected to decline this year due to low oil prices.
After declining in 2015, industry revenues (as estimated by IBISWorld) are expected to rise over the next several years due to technological advances, higher oil prices, and higher levels of production.
