Direct Answer
18 SEC filers are classified under the Standard Industrial Classification codes that describe the integrated oilfield services industry, and their latest annual reports show $109.1 billion of combined revenue and a median operating margin of 2.8%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Integrated oilfield service companies bundle drilling, completion, evaluation and production services for oil and gas operators across many countries. Revenue follows operator spending, and market share in technology-heavy work supports pricing. The first numbers to compare across companies here are revenue by region and business line, operating margin by segment and backlog and international share.
Key Industry Metrics
- Revenue by region and business line: Sales split by geography and service type. International and offshore work tends to be steadier than North American shale, so mix shows how exposed results are to rig counts.
- Operating margin by segment: Profit as a share of revenue within each business. Technology-heavy lines usually earn higher margins than commodity-like services such as pumping; shifts show pricing power.
- Backlog and international share: Signed work still to be done and the part of revenue earned abroad. A larger international share generally lengthens the cycle and cushions North American swings.
- Capital spending: Money invested in fleets, tools and facilities. Compare with depreciation: spending below it can lift cash flow now but erode capacity later.
- Free cash flow: Cash after operating costs and capital spending. It funds debt reduction and returns; it can be boosted temporarily by releasing working capital when activity falls.
Primary Macro Drivers
- Operator exploration and production spending: Service revenue is funded from producers' budgets, so spending changes show up in revenue by region and business line.
- Rig counts and well activity: More rigs and wells create more jobs to be served, which lifts utilization and operating margin by segment.
- Offshore and international project growth: Large foreign and offshore projects run on multi-year schedules, which supports backlog and international share of revenue.
- Pricing for services and equipment: Tight capacity allows price increases that flow to margin, while surplus capacity forces discounts and lowers segment margins.
Major Risks
- Cyclical activity swings: Activity can fall fast when producers cut budgets, hitting revenue and margin; watch rig counts and quarter-to-quarter revenue by region.
- Customer budget cuts after price falls: Producers reduce spending soon after oil prices drop, so orders slow; watch customer capital spending guidance and backlog changes.
- Geopolitical exposure in some countries: Sanctions, conflict or payment problems can disrupt work abroad; watch revenue concentration by country and receivables from state customers.
- Pricing pressure in commodity-like services: Standardized services compete mainly on price, so oversupply erodes margins; watch pricing commentary and margin differences between segments.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | Medium |
| Regulatory Intensity | Low |
| Industry Maturity | Mature |
| Geographic Importance | U.S. / Global |
Integrated Oilfield Services Filers in the SEC Record
18 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 1389, 3533. Their latest fiscal years end in 2025, and together they reported $109.1 billion of revenue. Median revenue growth over the prior year was -3.1%. Median operating margin was 2.8% and median net margin 2.0%. Median total liabilities were 46% of total assets, and 12 of 18 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Slb Limited | $35.7 billion | -1.6% | n/a | 9.4% | FY 2025 |
| Baker Hughes Co | $27.7 billion | -0.3% | n/a | 9.3% | FY 2025 |
| Halliburton Co | $22.2 billion | -3.3% | 10.2% | 5.8% | FY 2025 |
| Nov Inc. | $8.7 billion | -1.4% | 5.6% | 1.7% | FY 2025 |
| Weatherford International Plc | $4.9 billion | -10.8% | 15.4% | 8.8% | FY 2025 |
| Profrac Holding Corp. | $1.9 billion | -11.4% | -11.6% | -18.3% | FY 2025 |
| Select Water Solutions, Inc. | $1.4 billion | -3.1% | 2.0% | 1.5% | FY 2025 |
| National Energy Services Reunited Corp. | $1.3 billion | 1.7% | 7.4% | 3.9% | FY 2025 |
The 8 largest of 18 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Integrated Oilfield Services guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Integrated Oilfield Services industry?
Key performance indicators for the Integrated Oilfield Services industry include: Revenue by region and business line, Operating margin by segment, Backlog and international share, Capital spending, Free cash flow. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Integrated Oilfield Services industry?
The Integrated Oilfield Services industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Integrated Oilfield Services industry?
The primary risks for Integrated Oilfield Services companies include: Cyclical activity swings, Customer budget cuts after price falls, Geopolitical exposure in some countries, Pricing pressure in commodity-like services. Investors should assess each company's exposure to these factors and its track record of navigating them.