1. What is oil service?
Oil service refers to the general term for engineering and technical services provided by oil companies in the exploration and development process. The oil service industry in a broad sense also includes the manufacturing of oil equipment.
Taking the oil and gas production wellhead as the boundary, the following part of the wellhead completes the process of exploration, drilling and completion of the wellhead and forming the wellhead. The drilling and completion, geophysical exploration and other equipment provided by this process belong to the oilfield service equipment;
Above the wellhead, the separation, purification, transportation and ground transportation after the production wellhead is formed, and the oil transportation to the city or the factory is called the oilfield engineering service. The equipment module that forms the engineering body is the oilfield engineering equipment.
2. Oil service companies can be divided into two categories
One is oilfield service and equipment providers that provide a wide range of equipment and equipment for petroleum and natural gas exploration and production, as well as petroleum engineering technology services;
Another type of company is a drilling contractor that specializes in land and offshore oil drilling contracting services.
In terms of the molecular industry, drilling accounts for the highest proportion in the oil service market, maintaining more than 40%, followed by completions and equipment, accounting for 25% to 28%, and development accounting for 8 to 9%. It is 3.5%.
3. Oil and gas industry chain
The oil and gas industry chain is mainly divided into upstream exploration and development, midstream storage and transportation, and downstream refining and sales. The oil service industry is upstream of the oil and gas industry chain, including oil and gas equipment and services.
The oil service company's customers are oil and gas companies. The oil and gas company's exploration and development capital expenditures directly affect the oil service industry's prosperity, while the oil and gas company's exploration and development capital expenditure is mainly affected by oil prices.
However, the oil price affects the income and profit of the oil service industry by affecting the capital expenditure of the downstream oil companies, and the logical chain is longer. Therefore, the oil company's transmission process to the oil service industry generally takes about half a year to one year, and ultimately needs to be reflected in the improvement of performance. time.
4. The core driving force of the oil company's exploration and development investment is the trend of international oil prices.
When the oil price rose, the global oil and gas company's profitability improved, the exploration and development capital expenditure increased, the oil and gas equipment and service company received more orders, the order quality improved accordingly, and the performance gained rapidly.
When the oil price fell, due to the decrease in capital expenditures of global oil and gas companies, the first affected areas were exploration and development. Oil and gas equipment and service companies received orders and their performance declined.
At present, the oil price is maintained at around US$70/barrel, and the market has a high degree of prosperity. The oil price hit a three-year high, and the rise in crude oil prices was due to the higher implementation rate of cuts in countries such as OPEC and Russia. On the other hand, the low capital expenditures in China’s high-cost oil producing areas led to new production that could not compensate for the decline in production. Rock oil production is not subject to high-speed growth due to factors such as fracturing capacity.
Brent crude oil price trend
Therefore, the relatively high price of crude oil directly promotes the growth of oil companies' revenue and is expected to drive their capital expenditures to the expected level. In addition, we believe that the accelerated development of natural gas will further drive the recovery of the domestic oil service and equipment market, and the fracturing equipment and service market is expected to benefit.
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