Top U.S.Contractors for 2008

摘要

The Top 125 land drilling companies generated a modem-day record 300 million feet of hole in 2008, a 20 percent gain over 2007. It marked the sixth straight year of expansion, and returned the industry to double digit growth after a modest six percent gain in 2007. The footage record is the first theme in a story with two narratives. The second narrative is that the increase, the fifth largest in the 15 year history of vetting contractor footage, supports arguments that the industry is getting more efficient (drilling more hole faster). Average annual rig count, as tracked by the LRNL Biweekly Recap, expanded 10 percent in 2008 while footage jumped 20 percent. For perspective, compare this to 2006 when an 11 percent gain in annual rig count coincided with a 16 percent increase in footage.