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Facts About Industry Sectors
OIl, Gas & Energy
- 2007 was an excellent year for the O/G/E sector, as oil prices, followed by fuel prices, hit all-time highs.
- Refineries operated at 83% to 93% capacity.
- On Feb. 1st, ExxonMobile announced the largest annual profit by a U.S. company in history of $40.6 bil. on total revenue of $404.5 bil. This broke the all-time record it set just last year of $39.5 bil.
- Meanwhile, the U.S. oil rig count improved by about 5% from last year.
- In the power generation segment, worldwide gas turbine orders increased by 10.2% for the year, while in North American orders rose by 140% for the year. Meanwhile, worldwide dual fuel engine orders increased by just under 2% for the year.
- Secondary market prices for used land drilling rigs fell slightly after increasing by 20% to 50% in 2006, while used natural gas compressor prices, which have doubled since 2003, remain at high levels.
- The utilization rate for the world's offshore drilling rigs that operate in 500 feet of water, now stands at 97%.
