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End-User Market Briefing

Report

Oil & Gas Field Equipment Manufacturing

www.PTDA.org/EMBR

7 .22.2019NAICS CODES: 333132

SIC CODES: 3533

INDUSTRY PROFILE

Oil & Gas Field EquipmentManufacturing

Companies in this industry manufacture machinery and equipment used in oil and gas exploration and production,as well as water well drilling machinery. Major companies include Baker Hughes, a GE Company (BHGE); NationalOilwell Varco; and Schlumberger (all based in the US); along with Nabors Industries (Bermuda); Shandong KeruiPetroleum Equipment (China); Technipfmc (UK); and Weatherford International (Ireland).

The global oil and gas field equipment and services market is forecast to grow nearly 4% per year through 2026,reaching a value of about $330 billion, according to Fortune Business Insights. Leading demand drivers includedeepwater drilling, production from shale gas reserves in the US and China, and increased drilling and explorationactivities in the Middle East and Africa.

The US oil and gas field equipment manufacturing industry includes about 685 establishments (single-locationcompanies and units of multi-location companies) with combined annual revenue of about $12 billion.

Separate profiles cover two closely related industries: Oil & Gas Field Services and Oil & Gas Exploration &Production.

Demand is driven by oil and gas prices. The profitability of individual companies depends on engineeringexpertise and efficient production. Large companies have economies of scale in purchasing. Small companiescan compete effectively by specializing. The US industry is highly concentrated: the top 50 companies accountfor about 80% of revenue.

About 20% of US production of oil and gas field equipment is exported. Top export markets include Argentina,Saudi Arabia, the United Arab Emirates, Russia, and Canada. Imports largely come from Canada, China, Mexico,the UK, and Austria and account for about 10% of the US market. The downturn in oil prices that began in 2014greatly reduced the level of global trade in oil and gas field machinery.

Major products include drill bits, drilling pipe, drilling motors, derricks, valves, portable rigs, well monitoringinstruments, tubing, wellheads, blowout preventers, wireline systems, and oil and gas separators. Manycompanies also offer a line of oil and gas field services. Such services may include drilling, well completions,geological and drilling surveillance, and artificial lift services (pumps and other systems used to lift oil when awell no longer flows by itself).

A typical company operates from a single facility, but large, integrated companies that provide services inaddition to manufacturing products may maintain more than 200 facilities worldwide. Ongoing R&D is necessaryto continuously improve drilling efficiency; typical R&D spending is between 1% and 5% of annual revenue.

The manufacturing process for oil and gas field equipment involves the machining, welding, fabrication, andheat-treating of metals, primarily steel alloys. Other metals used in the industry include titanium, beryllium,copper, lead, and tungsten carbide. Companies may use purchased steel castings, forgings, components, andbar stock in the assembly of finished products. Other raw materials include synthetic and natural diamonds andprinted circuit boards and other electronic components.

Technology

Industry Overview

Competitive Landscape

Products, Operations & Technology

End User Market Briefing Report (EMBR)

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Computer technology and sophisticated sensor products (including downhole "wireline" instruments) are used toexplore, monitor drilling progress, assess the condition of existing wells, and monitor and control product flowfrom producing wells. Some companies offer software that supports various oil and gas drilling processes.Offshore drilling equipment often presents engineering challenges, as machinery needs to withstand pressureof up to 15,000 psi.

Remote sensors on unmanned underwater vehicles, pumps, and other field equipment have the ability to gathervast amounts of data. Analysis of that data helps companies increase the efficiency of drilling operations,improve well mapping, and extract more resources from fewer wells. Data from well operations flows freely inreal time from wellhead sensors to help companies streamline everything from inventory management toback-office functions.

Typical customers include major and independent oil and gas companies, national oil companies, drillingcontractors and other rig fabricators, and oilfield equipment distributors. Sales are usually made through acompany's own sales force. Large companies typically distribute products through a network of regional servicecenters. Smaller companies may rely on oilfield equipment distributors. Due to the technical nature of manyproducts, sales staffs are often supported by engineering employees.

Revenue tends to be stable throughout the year, but can fluctuate year-to-year based on changes in globaldemand for oil and gas. Gross profits typically are about 30% of net sales. Profitability can also varysignificantly year-over-year. Revenue and profit fluctuations tend to be more pronounced for companies thatoffer extensive oil and gas field services in addition to equipment sales.

The industry's average working capital turnover ratio is about 15% in the US. Companies tend to carrysignificant inventories of raw materials, as well as finished and semi-finished goods. Overall, inventoriesaverage about 90 days' sales. The industry is capital-intensive: average annual revenue per employee in theUS is about $315,000.

Working Capital Turnover by Company Size

The working capital turnover ratio, also known as working capital to sales, is a measure ofhow efficiently a company uses its capital to generate sales. Companies should becompared to others in their industry.

Regulation

Manufacturing operations can involve toxic chemicals and are subject in the US to federal, state, and localregulations relative to health, safety, and environmental protection. Such regulations include the Clean Air and

Sales & Marketing

Finance & Regulation

Financial industry data provided by MicroBilt Corporation collected from 32 different data sources and representsfinancial performance of over 4.5 million privately held businesses and detailed industry financial benchmarks ofcompanies in over 900 industries (SIC and NAICS). More data available at www.microbilt.com.



Clean Water Acts. Some companies have been found to be potentially responsible parties under theComprehensive Environmental Response, Compensation, and Liability act (CERCLA or Superfund). OSHAregulates workplace health and safety.

The global oil and gas field equipment and services market is forecast to grow nearly 4% per year through 2026,reaching a value of about $330 billion, according to Fortune Business Insights. Leading demand drivers includedeepwater drilling, production from shale gas reserves in the US and China, and increased drilling and explorationactivities in the Middle East and Africa.

Demand for equipment has been hurt by recent declines in oil prices, which as of mid-2018 were 50% lower thanthey were in mid-2014. Pockets of weakness in the global economy, more stringent fuel efficiency regulations,and competition from renewables have reduced overall demand for oil. Meanwhile rich new reserves, particularlyshale deposits, have created an abundance of supply. Reduced demand for oil combined with new sources ofsupply created a glut that resulted in a rapid decline in oil prices. As prices fell, so did rig counts. Between 2014and 2018, average annual global rig counts declined 40%. US rig counts also fell by 40%.

The market for natural gas has been healthier. Global demand for natural gas is forecast to rise 1.6% per yearthrough 2024, according to the International Energy Agency (IEA). While power generation remains the largestend-use market for gas, industrial use, especially in chemical production, is expected to see stronger growththrough 2024. The US is the largest producer of natural gas. Amid the ongoing shale gas boom, the US isexpected to produce one trillion cubic meters (tcm) of natural gas by 2024.

Change in Dollar Value of US Trade - US International Trade Commission

Imports of oil and gas field equipment to the US come primarily from Canada, China,

Mexico, UK, and France. Major export markets for US oil and gas field equipment include

Singapore, Mexico, Russia, Canada, and Saudi Arabia.

333132 OIL AND GAS FIELD MACHINERY AND EQUIPMENT

In the US, manufacturers of oil and gas field equipment are heavily concentrated in Texas. Other leading statesfor the industry include Oklahoma and Louisiana.

For companies doing business in North America, hurricanes in the Gulf of Mexico can affect delivery of productsand performance of services, and the spring thaw in Canada can limit activity.

Manufacturing oil and gas field equipment requires skilled labor. For the US machinery manufacturing sectoroverall, including makers of oil and gas field equipment, average wages are about the same as the nationalaverage. The industry injury rate is about 60% lower than the national average.

International Insights

Regional Highlights

Human Resources



Industry Employment GrowthBureau of Labor Statistics

Demand: Driven by oil and gas pricesRequires engineering expertise and efficient productionRisk: Greater environmental regulation and customer consolidation

Industry Growth Rating

Challenge: Low Oil Prices Pinch Oil Field Services Companies - Drillers and other oil field servicescompanies, which are often equipment providers as well, are struggling to stay afloat amid oil prices that haveremained stubbornly low since 2014, according to Bloomberg. Since oil prices began falling, Schlumberger andHalliburton have each lost 65% of their market value, and in June 2019 Weatherford International filed forbankruptcy. Service companies have had to cut prices to compete, and oil field services prices are at theirlowest level since September 2016. Oil exploration and production companies have become more efficient ashorizontal drilling technologies can extract more oil using fewer wells. As a result, supplies of fracking equipmentare piling up. Industry consultant Rystad Energy expects fracking equipment supplies to exceed demand bynearly 70% by the end of 2019. To survive, some oil field services companies are shedding non-core assets orjoining forces with competitors. Industry watchers suggest the industry is ripe for further consolidation.

Industry Impact - As low oil prices appear to be the new normal, industry experts suggest oil field servicescompanies may have to focus on core competencies instead of offering a wider spectrum of services andequipment.

Trend: Oil Majors Make Shale Plays Amid Lower Production Forecast - Major oil companies includingChevron, Exxon Mobil, BP, and Royal Dutch Shell are boosting investments in shale plays as smaller players arecurbing production amid rising debt and lack of scalability, according to Bloomberg. In March 2019, the EnergyInformation Agency cut its growth forecast for US oil production for the first time in six months as drilling insmaller shale plays and the Gulf of Mexico was dialed back. US rig counts fell in March for the first time in 10months, further suggesting an emerging pullback in oil production growth. Also in March 2019, Chevron and ExxonMobil announced they planned to each produce nearly 1 million barrels equivalent per day in the Permian withinfive years, representing about a three-fold increase compared to their current output. Energy market watcherssuggest that as shale deposits become harder to reach, shale plays will favor Big Oil, which has the technologyresources and economies of scale to make horizontal drilling and fracking more economically feasible.

Industry Impact - Oil field equipment manufacturers may shift their production and marketing focus towardproducts and services that meet the needs of large-scale shale plays as oil majors increase their investments inthe Permian basin.

Quarterly Industry Update

7.22.2019

3.25.2019



The average US retail price for diesel and regular gas, which influences oil and gas companies' ability to invest innew equipment, fell 6.4% and 7.7%, respectively, in the week ending August 12, 2019, compared to the sameweek in 2018.

The spot price of crude oil, which affects investment activity in oil and gas drilling, fell 21.5% in the week endingAugust 9, 2019, compared to the same week in 2018.

Industry Indicators

Revenue (in current dollars) for US mining and oil and gas field equipment production is forecast to grow at anannual compounded rate of 4% between 2019 and 2023, based on changes in physical volume and unit prices.Data Published: August 2019

First Research forecasts are based on INFORUM forecasts that are licensed from the Interindustry EconomicResearch Fund, Inc. (IERF) in College Park, MD. INFORUM's "interindustry-macro" approach to modeling theeconomy captures the links between industries and the aggregate economy. Forecast FAQs

Industry Forecast

Changes in the economic environment that may positively or negatively affect industry growth.

Data provided by First Research analysts and reviewed annually

Energy Prices Change in crude oil and related energy prices

Technology Innovation Advances in science and technology, including information technology

Commodity Prices Changes in prices for commodities, such as crops, metals, and other raw materials

Industry Drivers

Critical Issues



Demand Tied to Oil and Gas Prices - The willingness of oil and gas companies to invest in equipment is largelytied to oil and gas prices, which can be extremely volatile. Double-digit percentage swings in oil and gas pricesand drilling activity from one year to the next are common. If prices fall too low, potential buyers go away. Whenprices are high, manufacturers may be pressured to ramp up production rapidly.

Dependence on International Operations - Most large manufacturers of oil and gas field equipment haveextensive operations overseas. Political or social unrest in oil-rich regions such as the Middle East, Africa, andLatin America can affect demand for oil and gas field equipment. Extensive international operations also exposecompanies to currency exchange risks.

Customer Consolidation - The oil and gas industry has undergone considerable consolidation to gain economiesof scale. This has reduced the bargaining power of oil and gas field equipment manufacturers, and made themdependent on a smaller pool of potential customers. Continued consolidation could reduce the overall level ofcapital spending for oil and gas equipment.

Environmental Compliance, Climate Change Concerns - International, national, state, and localenvironmental regulation is likely to increase amid growing concerns about greenhouse gas (GHG) emissions andclimate change. The EPA has taken steps to regulate GHGs as pollutants under the Clean Air Act. Furtherregulation of GHG emissions could not only increase compliance costs of manufacturers of oil and gas fieldequipment, but also diminish demand for oil and gas, which would hurt demand for oil and gas equipment.

Controversy Surrounding Offshore Drilling - The explosion of the Deepwater Horizon offshore drilling rig andthe subsequent massive oil spill in the Gulf of Mexico in 2010 shed fresh light on the environmental impact ofoffshore oil drilling. The Deepwater Horizon oil spill led to a six-month moratorium on deepwater offshore drilling inthe Gulf of Mexico. The aftermath of the explosion and oil spill also led to new and proposed regulation that couldincrease the cost of offshore oil and gas drilling in the Gulf and other US coastal regions.

Business Challenges

Falling Rig Counts - The number of drilling rigs worldwide declined about 40% between 2014 and 2018. The dropin rig counts closely correlates to the gradual decline in oil prices during the same period. Oil prices and rig countsare a direct indicator of demand for oil field equipment. Flat global oil demand and increased production,especially from new shale deposits, have contributed to a global oil glut, which drove prices down.

Steady R&D Spending - As wells get deeper and more complex, companies have maintained R&D spending todevelop more advanced products and improve existing ones. Increasingly harsh drilling conditions such as highpressures and temperatures, along with demand for complex horizontal drilling, are likely to continue to drivespending on R&D.

Industry Consolidation - The level of merger and acquisition activity in the oil and gas field equipment andservices sector has increased amid the drop in oil prices. Companies are integrating vertically to providecustomers with equipment and services at lower costs. By teaming up, companies can share technology, extendtheir geographic reach, and make customer relationships stickier by offering a one-stop shop for services andequipment.

Business Trends

Emerging Markets - Rapidly developing countries like China and India are expected to drive demand for oil inthe coming years. As global oil demand increases, so should demand for oilfield equipment. The global oil andgas field equipment and services market is forecast to grow about 6% per year between 2015 and 2020,according to Lucintel. Leading demand drivers include deepwater drilling, production from shale gas reserves, andincreased drilling and exploration activities in the Middle East and Africa. Exports account for about 20% of USproduction of oil and gas equipment.

Hydraulic Fracturing - The drilling method of hydraulic fracturing, or fracking, has increased US oil and gasproduction over the last several years and boosted demand for drilling equipment. In 2018, fracking accountedfor about 60% of all US crude oil production, according to the US Energy Information Administration. Use of

Industry Opportunities



fracking in shale formations has led to the development of specialized equipment and tools.

Opening New Federal Lands to Oil Exploration - Many of the oil and gas resources remaining to bediscovered in the US are expected to be found beneath federal lands and coastal waters. Federal restrictions onleasing have put much of the Outer Continental Shelf (OCS) out of reach for exploration and drilling. Theinaccessible OCS land may contain more than 14 billion barrels of oil and 55 trillion cubic feet of natural gas,according to the US Bureau of Ocean Energy Management. Some federal officials now want to open some ofthese areas, and the industry is trying to gain support from the American public. Opening the OCS and otherfederal lands to exploration and drilling would likely increase demand for oil and gas field equipment.

Reducing Demand VolatilityDemand for oil and gas field equipment is closely tied to world energy prices, which can experience extremefluctuations. Companies are developing new technologies and services to smooth out demand volatility. Demandfor products and services that enhance the production of existing wells is less susceptible to fluctuations inenergy prices.

Expanding through Mergers and AcquisitionsConsolidation is occurring in the industry as companies expand product and service offerings and shop forbargains. Companies are partnering to achieve greater vertical integration so they can provide customers withequipment and services at lower costs. By teaming up, companies can share technology, extend their geographicreach, and make customer relationships stickier by offering a one-stop shop for field services and equipment.

Managing Currency RisksLarger oil and gas field equipment companies typically do a significant share of their business outside their homecountries and are subject to variations in currency exchange rates. Companies that enter into long-term servicecontracts increase exposure to currency exchange risks. To hedge against these risks, companies often invest inoptions contracts.

Managing Acquisitions, DivestituresIndustry consolidation is placing additional demands on CFOs to finance and account for acquisition anddivestiture of businesses. Companies are also forming joint ventures with competitors to expand serviceofferings. All these activities add complexity to internal and external financial reporting and may requireintegrating incompatible financial systems.

Enabling Oil Field Data AnalyticsRemote sensors on unmanned underwater vehicles, pumps, and other field equipment have the ability to gathervast amounts of data. Analysis of this data helps companies increase the efficiency of drilling operations,improve well mapping, and extract more resources from fewer wells. Data gathered from well equipment thatflows freely in real time helps companies streamline everything from inventory management to back-officefunctions.

Managing Research & DevelopmentAs wells get deeper and more complex, companies have maintained R&D spending to develop more advancedproducts and improve existing ones. Increasingly harsh drilling conditions such as high pressures andtemperatures, along with demand for complex horizontal drilling, are likely to continue to drive spending on R&D.

Hiring, Retaining Skilled WorkersManufacturing oil and gas field equipment requires skilled labor. However, industries that need machinists andother skilled workers may experience a labor shortage in the coming years as older workers retire, according tothe Conference Board. Companies may develop recruiting plans, including generous wages and benefitspackages, to attract younger workers.

Managing Volatile Labor DemandThe industry's labor needs can vary significantly depending on energy demand and prices. During periods oflower demand, companies may need to downsize their workforces, then rapidly bring employees onboard when

Executive Insight

Chief Executive Officer - CEO

Chief Financial Officer - CFO

Chief Information Officer - CIO

Human Resources - HR



demand and pricing conditions improve. HR departments may develop programs to keep in contact with workerswho have been laid off so they can be quickly rehired when energy markets rebound.

Servicing Existing CustomersResponsive customer service is essential to maintain and expand business with existing customers. Servingoperations in remote locations requires multiple facilities and often forces smaller companies to focus on aparticular geographic area. Companies must manage part and supply inventories across multiple locations.

Maintaining Relationships with DistributorsAlthough sales are often made directly to end users through in-house sales teams, manufacturers may also relyon oil and gas field equipment distributors. Small companies are usually more dependent on distributors than largecompanies are. Due to the technical nature of many products, companies may employ engineering staff toassist distributors that sell the company's products.

VP Sales/Marketing - Sales



How does the company mitigate volatility in demand caused by energy price fluctuations?Demand for oil and gas field equipment is closely tied to world energy prices, which can experience extremefluctuations.

How does the company compete with larger rivals?Consolidation is occurring in the industry as companies expand service offerings and shop for bargains.

How does the company manage currency risk?Larger oil and gas field equipment companies typically do a significant share of their business outside the USand are subject to variations in currency exchange rates.

What impact have mergers or divestitures had on the company?Industry consolidation is placing additional demands on CFOs to finance and account for acquisition anddivestiture of businesses.

To what extent is the company developing equipment and services that enable the gathering andanalyzing of well operation data?Remote sensors on unmanned underwater vehicles, pumps, and other field equipment have the ability to gathervast amounts of data.

How does the company continually improve products as drilling conditions become harsher and morecomplex?As wells get deeper and more complex, companies have maintained R&D spending to develop more advancedproducts and improve existing ones.

What is the company's strategy for attracting younger workers?Manufacturing oil and gas field equipment requires skilled labor.

How does the company manage fluctuations in its labor requirements?The industry's labor needs can vary significantly depending on energy demand and prices.

How does the company maintain responsive customer service across a wide geographic area?Responsive customer service is essential to maintain and expand business with existing customers.

To what extent does the company sell products through distributors?Although sales are often made directly to end users through in-house sales teams, manufacturers may also relyon oil and gas field equipment distributors.

Executive Conversation Starters

Chief Executive Officer - CEO

Chief Financial Officer - CFO

Chief Information Officer - CIO

Human Resources - HR

VP Sales/Marketing - Sales

How does the company mitigate boom and bust cycles in the industry?The willingness of oil and gas companies to invest in equipment is largely tied to oil and gas prices, which can beextremely volatile.

What percentage of the company's sales comes from outside the US?Most large manufacturers of oil and gas field equipment have extensive operations overseas.

How has consolidation among exploration and production companies affected the company'sbargaining power with customers?The oil and gas industry has undergone considerable consolidation to gain economies of scale.

Call Prep Questions

Conversation Starters



How can the company position itself to take advantage of demand for oil in emerging economies?Rapidly developing countries like China and India are expected to drive demand for oil in the coming years.

How has increased use of fracking affected the company's product development plans?The drilling method of hydraulic fracturing, or fracking, has increased US oil and gas production over the lastseveral years and boosted demand for drilling equipment.

To what extent does the company expect to benefit from efforts to explore federal land in the US for oiland gas?Many of the oil and gas resources remaining to be discovered in the US are expected to be found beneathfederal lands and coastal waters.

To what extent has the company been affected by persistently low oil prices?Drillers and other oil field services companies, which are often equipment providers as well, are struggling to stayafloat amid oil prices that have remained stubbornly low since 2014, according to Bloomberg.

Quarterly Industry Update

Quick Ratio by Company Size

The quick ratio, also known as the acid test ratio, measures a company's ability to meet short-term obligationswith liquid assets. The higher the ratio, the better; a number below 1 signals financial distress. Use the quick ratioto determine if companies in an industry are typically able to pay off their current liabilities.

Current Liabilities to Net Worth by Company Size

The ratio of current liabilities to net worth, also called current liabilities to equity, indicates the amount duecreditors within a year as a percentage of stockholders' equity in a company. A high ratio (above 80 percent) canindicate trouble.

Financial Information

COMPANY BENCHMARK TRENDS

Financial industry data provided by MicroBilt Corporation collected from 32 different data sources and represents financial performance of over4.5 million privately held businesses and detailed industry financial benchmarks of companies in over 900 industries (SIC and NAICS). Moredata available at www.microbilt.com.



Data Period: 2017 Last Update March 2019

Table Data Format Mean

Company Size All Large Medium Small

Size by Revenue Over $50M $5M - $50M Under $5M

Company Count 945 15 107 823

Income Statement

Net Sales 100% 100% 100% 100%

Gross Margin 31.8% 31.6% 31.9% 32.9%

Officer Compensation 1.6% 1.2% 2.3% 3.0%

Advertising & Sales 0.8% 0.7% 0.9% 0.9%

Other Operating Expenses 24.0% 23.0% 26.6% 25.0%

Operating Expenses 26.4% 24.9% 29.8% 28.8%

Operating Income 5.4% 6.7% 2.1% 4.1%

Net Income 2.6% 3.4% 0.6% 1.7%

Balance Sheet

Cash 9.8% 9.2% 11.4% 11.1%

Accounts Receivable 19.7% 19.2% 20.5% 20.7%

Inventory 24.3% 22.8% 26.3% 28.6%

Total Current Assets 60.4% 58.0% 64.0% 66.6%


COMPANY BENCHMARK INFORMATION

NAICS: 333132



Property, Plant & Equipment 20.5% 21.6% 19.0% 17.5%

Other Non-Current Assets 19.1% 20.4% 17.0% 15.9%

Total Assets 100.0% 100.0% 100.0% 100.0%

Accounts Payable 20.4% 19.0% 21.6% 24.8%

Total Current Liabilities 26.9% 25.4% 25.9% 32.7%

Total Long Term Liabilities 20.9% 19.9% 23.4% 23.1%

Net Worth 52.2% 54.7% 50.7% 44.2%

Financial Ratios

Quick Ratio 1.19 1.22 1.31 1.05

Current Ratio 2.25 2.28 2.47 2.03

Current Liabilities to Net Worth 51.4% 46.5% 51.1% 74.1%

Current Liabilities to Inventory x1.10 x1.12 x0.99 x1.15

Total Debt to Net Worth x0.91 x0.83 x0.97 x1.26

Fixed Assets to Net Worth x0.39 x0.40 x0.37 x0.40

Days Accounts Receivable 49 48 34 77

Inventory Turnover x4.11 x4.37 x5.67 x2.31

Total Assets to Sales 70.7% 71.2% 47.5% 105.3%

Working Capital to Sales 23.7% 23.2% 18.1% 35.6%

Accounts Payable to Sales 13.9% 13.0% 9.9% 25.3%

Pre-Tax Return on Sales 4.3% 5.5% 0.9% 2.8%

Pre-Tax Return on Assets 6.0% 7.7% 1.9% 2.7%

Pre-Tax Return on Net Worth 11.5% 14.1% 3.7% 6.0%

Interest Coverage x3.44 x3.61 x2.16 x3.72

EBITDA to Sales 7.8% 9.1% 4.6% 6.0%

Capital Expenditures to Sales 3.6% 3.7% 3.3% 3.4%


ECONOMIC STATISTICS AND INFORMATION

Change in Producer Prices - Bureau of Labor Statistics



VALUATION MULTIPLES

No valuation multiples available for this industry.

American Petroleum InstitutePolicy Issues and Educational Materials.

OilGasGlossary.comComprehensive glossary of oil and gas industry terms.

Petroleum Equipment InstituteIndustry news, events, and publications.

Petroleum Equipment Suppliers AssociationIndustry news and other resources.

Rigzone.comNews and statistics, company directories, and product information.

Society of Petroleum EngineersNews and technical resources.

United States Department of EnergyEnergy policy, trends, and prices.

Worldoil.comNews and statistics about oil exploration and production.

Industry Websites

CERCLA - Comprehensive Environmental Response, Compensation, and Liability Act

GHG - greenhouse gas

OCS - outer continental shelf

Glossary of Acronyms



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