As oil & gas companies prioritize free cash flow and return on capital, this Tech Market Map looks at the tech companies helping producers — like ExxonMobil and Shell — decrease exploration costs and maximize well performance.
Boom and bust cycles have defined the oil & gas industry — and companies are using this latest boom to prepare for the next bust.
Even as the price of oil hovers around 50% higher than a year ago, oil & gas companies remain fiscally disciplined in operations, focused on driving down production costs while maximizing equipment performance.
Upstream oil & gas producers like ExxonMobil, Shell, and BP are increasingly turning to vendors offering new analytical tools and asset management solutions to maximize free cash flow and return on capital.
Using CB Insights data, we identified 116 oil & gas tech companies addressing 8 technology priorities for upstream oil & gas, from flare reduction to enhanced oil recovery.