From Visual Capitalist:
Go back a decade, and America’s energy industry was quite the hot button issue.
Oil prices were soaring past $100/bbl, the country was still reliant on OPEC for imports, and a lack of energy independence was becoming a costly issue. Meanwhile, the United States was being outclassed on the energy production front by both Saudi Arabia and Russia.
However, in the short span of eight years – and thanks to the use of technologies like horizontal drilling and hydraulic fracturing – the United States quickly went from having a questionable energy future to being in a clear position of strength. Today, even with lower prices, U.S. field production of crude is at a 43-year high.
America’s Independent Oil ProducersSince 2016, the U.S. has produced close to the equivalent of 30 million bpd in oil and natural gas, making the United States a champion of global energy production.
Today’s infographic from Jericho Oil focuses on a key part of the turnaround in the U.S. energy sector that often gets overshadowed by Big Oil players like ExxonMobil or Royal Dutch Shell. It covers the role of “Craft Oil” in the industry, an umbrella that includes many small, independent, and focused companies across America that produce oil and gas on a domestic basis.
The thousands of companies in this group, many which are community-driven or family-owned, actually drill 95% of the country’s oil wells to yield 54% of onshore oil and 85% of onshore gas production.
Comparing Big Oil to Craft OilBelow is a comparison of ExxonMobil to the profile of an average Craft Oil company:
Big Oil Craft Oil Employees 71,300 12 Years in Business 108 years 23 years Annual Gross Revenues $218.6 billion $9.25 million Ownership Publicly traded 75% private, 25% public Level of Integration Typically fully integrated, combining upstream and downstream activities to get the most out of the value chain Usually a pure play, focused upstream on oil exploration and production Focus Produce, transport, refine, and market oil products Develop new plays, and drive upstream trends such as technological innovation Production Domestic and international Mostly domestic
Most Craft Oil companies are very small in comparison – but together, they contribute to a very significant portion of U.S. production, as well as the economy....MORE, including the visual bit.