The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 67.83 U.S. dollars per barrel as of August. This would be nine U.S. dollars below the 2024 average and the lowest annual average since 2021. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

Graph and download economic data for Industrial Carbon Dioxide Emissions, Asphalt and Road Oil for Texas (EMISSCO2VARICBTXA) from 1980 to 2018 about road, asphalt, carbon dioxide emissions, oil, TX, industry, and USA.

This statistic depicts the volume of wastewater produced by some of the largest U.S. oil producers in the Permian Basin in New Mexico and Texas in 2018. As of this time, ExxonMobil produced *** million barrels of wastewater per day. Fracking producers use a mix of water, sand, and chemicals to release oil and gas which produces massive volumes of briny water.

Graph and download economic data for Industrial Carbon Dioxide Emissions, Weighted Coefficient for Other Petroleum for Texas (EMISSCO2VOPICBTXA) from 1980 to 2018 about coefficient, carbon dioxide emissions, petroleum, TX, industry, and USA.

Petroleum source rocks deposited during Cenomanian – Turonian time (late Cretaceous) are major generators of continuous and conventional oil and gas resources in the Gulf of Mexico Basin. The Eagle Ford Shale is a particularly important petroleum system and represents a substantial fraction of total oil and gas production in the United States. Significant lateral and vertical geochemical and mineralogical variability has been identified in previous studies of the Eagle Ford Shale, but most recent work has focused on the area of the play southwest of the San Marcos Arch. As part of a larger USGS coring program to examine important continuous oil and gas plays in the Texas-Gulf Coast region, the USGS Gulf Coast Petroleum Systems project drilled a core hole in a thermally immature near Waco, TX that recovered the Pepper Shale and the upper and lower Eagle Ford shale intervals (Eagle Ford Group). A combination of bulk organic and inorganic geochemistry and mineralogy along with molecular and isotopic analyses of rock extracts are presented and accompany a manuscript (French and others, 2019) that discusses organic matter source variability and depositional environment, as well as examining drivers of organic enrichment. Although a recent assessment of petroleum resources in southwest Texas associated with the Eagle Ford Shale was completed in 2018, many questions remain regarding the distribution of source rock organic facies and the nature of the Eagle Ford as an indigenous-continuous petroleum system, especially north of the San Marcos Arch. Ongoing research into these and other issues is vital for refining and updating geologic models for future assessments of these strata and also as a potential analog for other similar petroleum systems in the U.S. and around the world. This data set includes two spreadsheets. The first outlines the individual samples collected during the drilling activity. The second provides results from analyses performed and are grouped into High and Low resolution. Documentation on the methodology and the attributes are discussed in the entity and attribute section

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Operating-Income Time Series for Magnolia Oil & Gas Corp. Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company's properties are located primarily in Karnes County and the Giddings area in South Texas comprising the Eagle Ford Shale and the Austin Chalk formation. Magnolia Oil & Gas Corporation was incorporated in 2017 and is headquartered in Houston, Texas.

Net-Borrowings Time Series for Magnolia Oil & Gas Corp. Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company's properties are located primarily in Karnes County and the Giddings area in South Texas comprising the Eagle Ford Shale and the Austin Chalk formation. Magnolia Oil & Gas Corporation was incorporated in 2017 and is headquartered in Houston, Texas.

This Sentinel-1 InSAR dataset contains surface deformation that occurred between Nov. 2014 and Jan. 2019 associated with the Permian Basin oil and gas production. For further details of the processing method and uncertainty analysis, please see the associated paper of Staniewicz et al., 2020. Note: click the "tree" viewing option to see proper organizational layout of files, not the "table" layout. When using this data for research, please cite: Staniewicz, S., Chen, J., Lee, H., Olson, J., Savvaidis, A., Reedy, R., et al. (2020). InSAR reveals complex surface deformation patterns over an 80,000 square kilometer oil-producing region in the Permian Basin. Geophysical Research Letters, 47, e2020GL090151. Details of generation and data attributes Two paths of Sentinel 1 data were used in the analysis: the ascending path 78 and the descending path 85. For each path, the cumulative radar line-of-sight (LOS) deformation between (1) Nov. 2014 and Jan. 2017; (2) Nov. 2014 and Jan. 2018; and (3) Nov. 2014 and Jan. 2019 are included. Here the pixel spacing for all InSAR grids is 120 meters. All deformation data units are in centimeters. Each of the maps' cumulative results have an uncertainty of ~ 1 cm or less. All the maps using ascending (or descending) Sentinel data are coregistered the same latitude/longitude grid as the digital elevation model (DEM) covering the ascending (or descending) path. Note: We used the SRTM DEM data to generate the interferograms. These DEM data can be found in geotiffs/ascending_path78/dem.tif and geotiffs/descending_path85/dem.tif. The units of the DEMs are in meters. For each path, we provided the names and locations of the GPS stations with continuous coverage between Nov. 2014 and Jan. 2019 as CSV files. The GPS east, north, and vertical daily time series are available through the Nevada Geodetic Laboratory (http://geodesy.unr.edu/ ). For this example, the NMHB station's NA plate-fixed solutions are available at http://geodesy.unr.edu/NGLStationPages/stations/NMHB.sta The file geotiffs/ascending_path78/gps_locations.csv contains the name, latitude, and longitude of the stations within the ascending path, as well as the row and column of that location within the ascending latitude/longitude grid. The GPS stations TXKM was used as the spatial reference point to calibrate all LOS InSAR maps, the rest of GPS stations were used as independent validations for the InSAR results. In addition to providing the data in GeoTIFF format, we have also loaded the data into MATLAB provded .mat files (located in the matlab_version/ folder). We have divided the .mat files into data coregistered on the ascending grid, the descending grid, and the vertical/east deformation solutions in the region where the ascending and descending paths overlap. The definition of the radar LOS direction We note that InSAR measures surface deformation along the radar LOS direction. In the region where the ascending and descending paths overlap, we decomposed the the two LOS deformation solutions (Nov. 2014 to Jan. 2019) using the ascending and descending LOS maps (unitless, as in geotiffs/ascending_path78/los_enu.tif and geotiffs/descending_path85/los_enu.tif) into their horizontal and vertical components. These vertical/horizontal solutions are contained in geotiffs/vertical_horizontal_decomposition/. Further details of the LOS decomposition can be found in the associated paper and supplement of Staniewicz et al., 2020. Converting GPS ENU data to the radar LOS Here we show an example of how you would convert GPS east, north, up (ENU) time series data into measurements comparable to the ascending LOS InSAR measurements using the LOS unit vector coefficients. We use station NMHB as an example, whose metadata is contained in the geotiffs/ascending_path78/gps_locations.csv file. The LOS vector coefficients are in the geotiffs/ascending_path78/los_enu.tif image (or path78_data.mat), which is a 3 band GeoTIFF containing the look vector coefficients. To extract the 3 LOS coefficients from the matrix los_enu we could do the following in MATLAB: load path78_data.mat r = gps_locations.row(1); c = gps_locations.col(1); enu_coeffs = los_enu(r, c, :); alpha_east = enu_coeffs(1); alpha_north = enu_coeffs(2); alpha_up = enu_coeffs(3); Calling the east, north, up time series ts_east, ts_north, ts_up respectively, we can convert this to ts_LOS as follows: ts_LOS = alpha_east * ts_east + alpha_north * ts_north + alpha_up * ts_up

The United States oil and gas extraction industry employed some 116,000 people in 2023, including both full-time and part-time employment. The 2020 oil crisis brought about by the coronavirus pandemic led to a decline of 15,000 people in this industry’s workforce, a trend that continued throughout the following two years. Wellhead pumpers make up the largest occupation group in the U.S. oil and gas extraction industry. Employment at ExxonMobil ExxonMobil is among the largest employers within this industry. The Texas-based oil supermajor is active in all areas of the supply chain, from hydrocarbon exploration to fuel retailing. In 2023, the number of employees at ExxonMobil amounted to around 61,500 people. This was a loss of over 10,000 jobs when compared to pre-pandemic years. State-owned supermajors are largest industry employers on global stage With its workforce of some 60,000 people, ExxonMobil ranks far below any of the largest oil and gas companies by employment worldwide. The majority of companies listed are state-owned enterprises, such as Russia’s Gazprom and China’s PetroChina. As of 2024, both employed around 400,000 people each. India-based Reliance Industries is the largest privately held company within this ranking, providing nearly 390,000 jobs.

Abstract Seagrass cores (6“ diameter, PVC, 10” long) of Ruppia maritima were collected in the Chandeleur Islands (Louisiana) and Estero Bay (Florida) to examine how the two populations responded to oil exposure (50% water accommodated fraction). Three cores from each site served as controls (no oil exposure), whereas three others served as treatment (50% WAF, diluted by half every day for 8 days). Seagrass response was measured via quantum yield (using a Dive PAM fluorometer) and seagrass blade color (using Munsell Plant Tissue color chips). Purpose To report data on the seagrass response to oil exposure from two sites: the Chandeleur Islands (Louisiana) and Estero Bay (Florida). The Estero Bay seagrasses were considered to be naïve to oil, as no oil extraction industry is present in the eastern Gulf of Mexico. The Chandeleur Island seagrasses were assumed to be tolerant to (some) oil exposure, due the established petroleum industry in the northern Gulf. DOI: doi:10.7266/N7DB8069 Suggested Citation Michael Parsons, Allison Bury. 2018. Seagrass (Ruppia maritima) responses to oil exposure in mesocosms. Distributed by: Gulf of Mexico Research Initiative Information and Data Cooperative (GRIIDC), Harte Research Institute, Texas A&M University–Corpus Christi. doi:10.7266/N7DB8069 Funded by: Gulf of Mexico Research Initiative (GoMRI) Funding cycle: RFP-IV Research group: Alabama Center for Ecological Resilience (ACER)

Dividends-Paid Time Series for Magnolia Oil & Gas Corp. Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company's properties are located primarily in Karnes County and the Giddings area in South Texas comprising the Eagle Ford Shale and the Austin Chalk formation. Magnolia Oil & Gas Corporation was incorporated in 2017 and is headquartered in Houston, Texas.

Since shale drilling first began in 1998 at the S.H. Griffin Estate 4 in Texas, the size and costs of production sites have changed significantly. The S.H. Griffin Estate 4 cost between 600,000 and 700,000 U.S. dollars, while the average 2018 costs were 8 million U.S. dollars. The size of production sites increased from three acres to up to 25 acres in the same twenty year timespan.

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Subsea Systems Market Size 2024-2028

The subsea systems market size is forecast to increase by USD 1.36 billion at a CAGR of 2.1% between 2023 and 2028.

The market is experiencing significant growth due to increasing investments in the offshore upstream sector and the adoption of advanced subsea technology for hydrocarbon recovery from offshore basins, particularly in ultra-deep-water regions. However, the high ownership costs associated with sub-sea production systems remain a challenge. To address this, there is a growing emphasis on cost-effective solutions, such as the implementation of smart subsea technologies, which can improve operational efficiency and reduce costs. These trends are expected to drive market growth in the coming years. The report provides a comprehensive analysis of the market trends, growth drivers, and challenges, offering valuable insights for stakeholders in the subsea technology industry.

What will be the Size of the Market During the Forecast Period?

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The market is witnessing significant growth due to the increasing exploration and production activities in deepwater and ultra-deepwater offshore basins. With the depletion of onshore reserves, oil and gas companies are focusing on deepwater reserves to meet the rising energy demand. Deepwater and ultra-deepwater reserves offer numerous advantages such as large reserves, lower production costs, and extended field life. However, the high installation costs and offshore drilling risks associated with these reserves have led to the adoption of cost-effective subsea systems. Sub-sea technology plays a crucial role in deepwater and ultra-deepwater production.
Similarly, subsea systems include various components such as subsea handling frameworks, subsea boosting, subsea separation, subsea injection, and subsea pressure gear. These systems enable the processing of hydrocarbons at the seabed, reducing the need for costly surface facilities. Deepwater and ultra-deepwater production involves offshore wells drilled in water depths exceeding 400 feet. The operational cost of these wells is significantly higher than onshore wells due to the complexities involved in drilling, installation, and maintenance. Subsea systems help to reduce these costs by enabling remote operations, reducing the need for manned vessels, and increasing oil recovery. The Permian Basin, located in West Texas and New Mexico, is the largest oil-producing basin in the US.
However, the basin is primarily onshore, and the exploration and production activities are shifting towards deeper offshore areas. The adoption of subsea systems is expected to increase in the Permian Basin as companies explore deeper reserves. The investment in subsea production systems is expected to grow during the forecast period. The growth is driven by the increasing demand for cost-effective solutions for deepwater and ultra-deepwater production. Subsea systems offer several advantages such as reduced operational costs, increased oil recovery, and extended field life. Offshore basins around the world, including the Gulf of Mexico, the North Sea, and the Mediterranean Sea, are expected to witness significant growth in the market.
In summary, the adoption of subsea systems is expected to increase as companies look for cost-effective solutions to extract resources from deepwater and ultra-deepwater reserves. The market is witnessing significant growth due to the increasing exploration and production activities in deepwater and ultra-deepwater offshore basins. Subsea systems offer several advantages such as reduced operational costs, increased oil recovery, and extended field life, making them an attractive solution for deepwater and ultra-deepwater production. The market is expected to grow at a robust rate during the forecast period.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Production systems
  Processing systems


Geography

  Europe

    UK
    France
    Norway


  APAC

    China
    India


  North America

    Canada
    Mexico
    US


  Middle East and Africa



  South America

    Brazil

By Type Insights

The production systems segment is estimated to witness significant growth during the forecast period.

Subsea technology plays a crucial role in the exploration and production of hydrocarbons from offshore wells in ultra-deep-water environments. Sub-sea production systems, including umbilicals, risers, and flowlines (SURF), are essential components of offshore infrastructure. These systems enable the transfer of control, power, and fluid connections between surface facilities and submerged equipment. Umbilicals

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for global oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

As of August 2025, the average annual price of Brent crude oil stood at 71.3 U.S. dollars per barrel. This is over nine U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

In 2024, the total revenue of the United States’ oil and gas industry came to ******billion U.S. dollars. That was a decrease from the previous year, when U.S. oil and gas reached *** billion U.S. dollars. Figures peaked in 2022 as a result of decade-high oil and gas prices. The advent of shale oil and gas Following the financial crisis, investors in the U.S. sought to increase domestic production and reduce dependence on foreign oil and gas in turbulent international markets. Despite high start-up costs, shale gas and tight oil became economically viable to extract as the result of new methods such as hydraulic fracturing (also known as fracking). Production expanded rapidly in states with large permeable rock formations of sandstone, such as Texas and North Dakota. Changes in future shale production In addition to global market developments that impact short-term demand and prices, the trajectory of gross output in the oil and gas extraction industry largely precipitates the changes in U.S. oil revenue seen here. Going forward, production of U.S. shale gas and tight oil is expected to see only a moderate increase until 2050.

This statistic shows Newfield Exploration Company's number of employees between 2013 and 2018. Newfield Exploration Company was an independent crude oil and natural gas exploration and production company from Texas. As of mid-February 2018, the company had ***** employees. In February 2019, the company was acquired by Encana.

In August 2025, the average price of one barrel of Brent crude oil was 67.87 U.S. dollars. This was a decrease from the previous month and 12 U.S. dollars below July 2024 prices. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past 20 years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

Halliburton is an oil service provider and employer to some 48,000 people as of 2023. Between 2014 and 2021, when high oil prices saw many within the global oil industry record their greatest ever profits, Halliburton cut its workforce by over 40 percent. Background on Halliburton Halliburton is a U.S. multinational corporation founded in 1919. Headquartered in both Houston, Texas, and Dubai, it is one of the largest oil field service companies in the world. Its origins lie in the New Method Oil Well Cementing Company. Throughout the 20th century, Halliburton continuously expanded its operations throughout the United States. The company is now focused on services in the energy industry that correspond with the exploration, production, and processing of gas and oil. Halliburton operates in over 70 countries worldwide. Halliburton's financial performance As one of the leading oil service providers in the world, Halliburton's financial performance largely mirrors the overall health of the oil and gas industry. Halliburton's revenue surpassed 23 billion U.S. dollars in 2023, the highest annual revenue since 2018. A similar trend was noted for Halliburton's net income.