Oil & Gas Services
Oilfield Services Revenue
Revenue for fiscal 2025. Services sell into everyone else's capital budgets, which makes this segment a leveraged bet on industry activity rather than on the commodity price itself.
Services Revenue Trend
Six years of revenue. The 2020 and 2021 trough shows how much harder the downcycle hits services than producers: when drilling budgets are cut, this segment's revenue goes with them.
Services Operating Margin
Operating margin for fiscal 2025. Margins recovered substantially from the depths of the last downcycle as the survivors consolidated and held pricing discipline.
Drilling Activity Index
Industrial production index for drilling oil and gas wells, the single most cyclical series in the sector and the leading indicator for services demand. It remains far below the 2014 peak.
