Oil and Gas Field Machinery and Equipment Manufacturing (U.S.)

NAICS 2022 code 333132 — North American Industry Classification System (NAICS), the U.S. government's standard for grouping businesses.

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1. Overview

This industry builds the hardware that finds, drills, and produces oil and gas: drilling rigs and derricks, drill bits, wellheads and "Christmas tree" valve assemblies, blowout preventers, pressure-pumping (hydraulic fracturing, or "frac") equipment, downhole tools, and subsea production systems. If a machine goes into a well or sits on a wellsite to get oil and gas out of the ground, a company in NAICS 333132 probably made it. [1]

Why an investor should care: this is the "picks and shovels" layer of the energy business. Equipment makers sell to exploration-and-production (E&P) companies — the firms that own the oil and gas. That makes the industry highly cyclical: when oil and gas prices rise, drilling and completion activity climbs and equipment orders surge; when prices fall, capital budgets get cut fast and orders dry up. Owners here do not bet on a single well — they bet on the overall pace of drilling. [24][26]

• Public-market route: A handful of large, liquid U.S.-listed companies plus several mid-cap specialists, and sector exchange-traded funds (ETFs) that bundle them.
• Private route: Hundreds of small, privately held machine shops and specialist manufacturers, plus large corporate-owned units (for example, Caterpillar's SPM Oil & Gas) and private-equity-backed roll-ups. The federal data below shows most firms in this industry are small and private.

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2. What it is and how it's structured

In scope (NAICS 333132): drilling machinery and rigs; well derricks; wellhead and pressure-control equipment; drill bits and rock drills; downhole and completion tools; frac/pressure-pumping equipment; well-logging tools; and water-well drilling machinery. The inclusion of water-well equipment is a consequential boundary quirk. [1]

What it explicitly excludes — this matters, because household-name "oilfield" companies span several codes:

• Oilfield services (the crews and rigs that actually drill and frac wells, hired by the hour or by the job) sit in NAICS 213111/213112, not here. Companies like Liberty Energy (frac services) and drilling contractors like Helmerich & Payne, Patterson-UTI, and Nabors are service providers, not equipment manufacturers. [1]
• Pumps and pumping equipment → NAICS 333914. [1]
• Underground mining drills → NAICS 333131 (Mining Machinery). [1]
• Floating offshore drilling/production platforms → NAICS 336611 (Ship Building and Repairing). [1]

Operating model: The industry has two cadences. Long-cycle products — complete rigs, subsea systems, production packages — are engineered-to-order, qualification-intensive projects with long manufacturing and delivery schedules. Short-cycle smaller tools, consumables, rentals, replacement parts, and repair services react more quickly to current drilling and completion activity. Forum Energy Technologies reported that approximately 80% of its 2025 revenue came from consumable products and activity-based equipment. [2]

Ownership mix: a few large public companies dominate the complex, high-value equipment (integrated rigs, subsea trees, blowout preventers), while a long tail of small private firms makes components, consumables, and simpler tools. The wear-and-tear "consumables" business (drill bits, frac iron, valves that wear out and get replaced) supports many small shops.

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3. How big it is (federal figures)

From our ground-truth U.S. federal statistics for NAICS 333132:

That works out to an average wage of roughly $90,000 per worker (2023 payroll divided by employment) — well above the U.S. private-sector average, reflecting skilled machining and engineering work. [4]

Historical benchmark: For comparison, the 2017 Economic Census reported 30,413 employees, $2.089 billion of payroll, $10.673 billion of shipments, $6.415 billion of materials cost, and $3.510 billion of value added. [5] The difference between 2017 and 2022 shipments reflects inflation, product mix, and cyclical recovery — not volume growth alone.

Important scope caveat (not an undercount, but easy to misread): this $11.89 billion counts U.S.-based manufacturing establishments only. The sector's famous names book far larger revenue — SLB reported $35.7 billion, Baker Hughes $27.7 billion, and Halliburton $22.2 billion for 2025 — but the great majority of those totals is services and international operations that fall outside NAICS 333132. [15][16][17] So the federal figure is a fair measure of domestic equipment manufacturing, yet it dramatically understates the economic weight of the companies most people associate with the industry. Roughly a fifth of U.S. equipment output is also exported, which the domestic-shipments figure captures but which ties the industry's health to overseas drilling too. [25]

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4. The investable universe

There is a real public market here, but read the table with the scope caveat in mind: for the diversified giants, equipment manufacturing is only one slice of a business dominated by services. Revenue figures are full-year 2025 unless noted; they measure total company scale, not the U.S.-333132 slice.

Primarily equipment manufacturers (closest to NAICS 333132):

Backlog as a visibility tool: Long-cycle suppliers manufacture against backlog. At December 31, 2025, NOV's Energy Equipment backlog was $4.34 billion; it expected approximately 49% to become revenue during 2026, while 58% of the backlog involved offshore products and 94% was destined for international markets. [6]

Diversified services + equipment (equipment is one segment):

Recent consolidation:

• SLB completed its ChampionX acquisition in July 2025, adding artificial-lift, production-chemical, and production-equipment exposure. [8]
• Dril-Quip and Innovex Downhole Solutions merged in September 2024 to form Innovex International (NYSE: INVX), a >$1 billion-revenue platform. [9]
• Cactus assumed operational control of Baker Hughes's Surface Pressure Control business on January 1, 2026 through a venture in which Cactus owns 65% and Baker Hughes retains 35%. [10]
• Smaller bolt-ons continued across the sector (for example, Forum Energy Technologies acquiring Veriperm). [9]

Private and other owners: Caterpillar's SPM Oil & Gas (frac pumps, flow iron); GD Energy Products (frac pumps, the former Gardner Denver line, now privately owned); and hundreds of small, privately held machine shops and specialist toolmakers — recall the federal count of 496 firms across 622 locations, most of them small businesses (the Small Business Administration's size standard here is 1,250 employees). [3][11]

Not manufacturers (adjacent, different NAICS): Liberty Energy (LBRT), ProPetro (PUMP), Patterson-UTI (PTEN), Helmerich & Payne (HP), Nabors (NBR) — these are service companies; don't count their revenue as equipment manufacturing. Nabors does manufacture rig equipment through its Canrig unit but remains principally a drilling contractor.

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5. How the money works

Owners in this industry make money by selling and renting capital equipment and the consumables that go with it. The economics that matter:

• Cyclicality and operating leverage. Factories carry heavy fixed costs, so profits swing violently with volume. In an up-cycle, extra sales fall through to the bottom line at high "incremental margins"; in a downturn, the same leverage works in reverse and margins can vanish. Engineering, machining, fabrication, testing, and service infrastructure persist through the cycle; manufacturers can partially buffer by shifting work among plants, outsourcing lower-tolerance machining during upcycles, and bringing it in-house when demand weakens. [6] This is the single most important feature of the business. [26]
• Short-cycle vs. long-cycle mix. Short-cycle products (U.S. shale drilling and completion gear, frac equipment, consumables) turn with the rig count and can boom or bust within months. Long-cycle products (subsea trees, offshore systems, LNG turbomachinery) are ordered years ahead and are tracked by backlog and book-to-bill (new orders divided by revenue). TechnipFMC's ~$16.6 billion backlog is the classic long-cycle cushion. [14]
• Aftermarket, consumables and rentals. Drill bits, valves, and frac iron wear out and get replaced; equipment gets rented and serviced. Critical equipment works under high pressure, corrosive fluids, and heavy mechanical loads; downtime or failure can be much more expensive than the component itself. Customers consequently standardize fleets and often require OEM-certified parts, repairs, and maintenance. This recurring, higher-margin revenue smooths the cycle and is what makes the small private shops viable. [6]
• Capacity utilization and input costs. Profitability hinges on how full the plants are, and on steel — the dominant raw material — whose price (and tariffs on it) directly hit margins. The 2017 Census reported materials cost of $6.415 billion against $10.673 billion of shipments — roughly three-fifths of revenue was materials, illustrating the metal intensity. [5]
• Working capital. Building big machines ties up cash in inventory and receivables, so free cash flow can lag reported profit, especially when activity is rising.
• Return of capital. In good years the large public names return cash through dividends and buybacks; that is where share-price and yield considerations enter (see section 10).

Illustrative segment margins (company-specific, not industry-wide): NOV's Energy Equipment segment recorded $4.93 billion of 2025 revenue and a 10.0% reported operating margin. [6] Cactus generated $1.079 billion of 2025 revenue and a 32.7% adjusted EBITDA margin, reflecting the stronger economics possible in differentiated wellhead, pressure-control, and spoolable-pipe products. [27] Innovex reported 2025 operating income and adjusted EBITDA equal to 14% and 19% of revenue, respectively. [28]

Watch E&P capital spending, the rig count, and completion activity as the leading indicators of revenue, and incremental margins plus free cash flow as the signs of a well-run operator.

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6. What drives demand

• Oil and gas prices. West Texas Intermediate (WTI) crude and Henry Hub natural gas set E&P cash flows, which set drilling budgets, which set equipment orders. This is the master switch — but producer balance sheets, drilling-contractor utilization, existing equipment inventories, project sanctioning, financing costs, and management confidence determine how quickly price changes become orders. [24]
• U.S. shale activity (short-cycle). Permian and other basin drilling drives short-cycle equipment. In 2025, softer prices and E&P "capital discipline" pulled activity down — U.S. upstream investment fell about 6% to roughly $420 billion, and the rig count slipped several percent year-on-year. [24][26]
• Production can rise while equipment demand falls. EIA reported that U.S. crude production reached a record 13.6 million barrels per day in 2025 even though Lower-48 rig activity was 5% below 2024 and 1% fewer wells were drilled. Efficiency and well productivity made up the difference. [29] Automation, pad drilling, longer laterals, and better downhole tools increase equipment content and wear per well, but allow the industry to produce more with fewer rigs.
• Offshore and deepwater (long-cycle). A wave of large deepwater final investment decisions (FIDs) in 2024–25 — including Brazil pre-salt work needing dozens of subsea trees — is the sector's bright spot and feeds subsea-equipment backlog. NOV's 2025 Energy Equipment revenue rose 1% despite weaker global activity because international and offshore equipment demand supported backlog execution; offshore sales increased 9%. [6][22]
• LNG buildout. Liquefied natural gas (LNG) export projects drive turbomachinery and gas-processing equipment orders (notably for Baker Hughes). EIA projects U.S. LNG exports rising from 15.1 billion cubic feet per day in 2025 to 17.4 in 2026 and 18.6 in 2027. [22][30]
• Replacement and fleet renewal. Fleets wear out and get upgraded — most visibly the shift to electric ("e-frac") pumping fleets, which cut fuel costs and emissions and are pulling forward equipment replacement. [25]
• Exports. Roughly a fifth of U.S. output ships abroad; as U.S. shale growth slows, makers are selling idle frac horsepower into Argentina, the Middle East, and elsewhere. [25]

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7. Regulation

The equipment itself is heavily standards-driven, and the customers' regulations shape what gets built.

• Design and manufacturing standards. Offshore blowout preventers and well-control gear must meet American Petroleum Institute (API) standards (notably API Standard 53). The Bureau of Safety and Environmental Enforcement (BSEE) Well Control Rule incorporates these into federal law for offshore drilling — for example, requiring double-shear-ram blowout preventers — and sets original-equipment-manufacturer maintenance requirements. Many of these rules trace back to the 2010 Deepwater Horizon investigations. [21]
• Emissions rules (a swing factor). The Environmental Protection Agency (EPA) tightened oil-and-gas methane rules in 2024 ("Quad Ob/Oc"), mandating leak detection and repair and enabling new monitoring technologies — a demand driver for detection and lower-emission equipment. EPA finalized narrow methane-rule revisions in April 2026 and estimated industry savings of $2.5 billion over 2024–2038. [31] The separate federal Waste Emissions Charge regulation was disapproved in March 2025 and is not presently in force. [32] The near-term regulatory outlook remains politically sensitive. [23]
• Trade and sanctions. Steel tariffs raise input costs: U.S. Section 232 tariffs on steel and aluminum were increased from 25% to 50% in June 2025, although subsequent rules have continued to modify how the duties apply. [33] Export controls and Russia sanctions closed off what had historically been a significant export market — a reminder that geopolitics can reshape the customer base overnight. [25]
• Safety. Occupational Safety and Health Administration (OSHA) and industry safety codes govern both manufacture and field use.

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8. Competitive dynamics and consolidation

The federal concentration data shows a fragmented industry with a concentrated top tier: the four largest firms hold about 31.8% of receipts (CR4), the top eight about 40.8% (CR8), the top 50 about 74.5% (CR50), and the Herfindahl-Hirschman Index (HHI) is 382.7 — well below the 1,500 threshold that antitrust regulators treat as "concentrated." [3] In plain terms: no one dominates the whole industry, but a few majors dominate the hardest-to-build equipment (subsea systems, blowout preventers, integrated rigs), while hundreds of small shops compete on components and consumables.

Consolidation has accelerated, driven partly by E&P customers merging into fewer, larger buyers that demand scale and integrated offerings:

• SLB acquired ChampionX, closing July 2025 after a prolonged regulatory review. [8]
• Dril-Quip and Innovex Downhole Solutions merged in September 2024 to form Innovex International (NYSE: INVX), a >$1 billion-revenue platform. [9]
• Cactus assumed operational control of Baker Hughes's Surface Pressure Control business on January 1, 2026. [10]
• Smaller bolt-ons continued across the sector (for example, Forum Energy Technologies acquiring Veriperm). [9]

The strategic logic: gain scale, broaden the product bundle, and add recurring aftermarket and digital revenue to offset the cycle.

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9. Risks

• Commodity-price cyclicality. The dominant risk. Past oil-price crashes (2015–16, 2020) gutted equipment demand and profits; the 2025 price slide again squeezed short-cycle activity. [24][26]
• Structural/energy-transition demand. Long-run oil-demand plateau and decarbonization create genuine uncertainty about terminal demand for drilling hardware, even if oil and gas stay central for decades.
• Customer capital discipline. E&Ps now prioritize shareholder returns over volume growth, capping activity even when prices are healthy — a structural headwind for equipment orders. [26]
• U.S. shale maturation and overcapacity. Fewer new wells and idle frac horsepower (a large share of U.S. pumping capacity sits unused) mean pricing pressure and equipment being exported rather than sold at home. [25]
• Buyer power after consolidation. Fewer, bigger E&P customers can push harder on price.
• Input costs and supply chain. Steel prices and tariffs hit margins directly. NOV specifically identifies steel and raw-material prices, tariffs, and supply-chain availability as margin risks. [6]
• Labor risk. The industry depends on qualified machinists, welders, engineers, and field technicians. BLS projects about 34,200 annual openings for machinists and tool-and-die makers over 2024–2034 despite a projected 2% decline in employment, largely because of replacement needs. [34]
• Geopolitics and sanctions. Export markets can close (Russia) or open unpredictably.
• Product failures. Well-control incidents, downtime, warranty expense, litigation, and exclusion from approved-vendor lists are all consequences of failure. Severe-service and sour-gas environments create metallurgical and qualification risks.
• Balance-sheet risk for smaller, leveraged players when the cycle turns.

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10. How to invest and the outlook

Public-market routes.

• Individual stocks: the names in section 4. For the purest equipment exposure, the specialists (NOV, TechnipFMC, Cactus, Innovex, Forum, Oil States); for diversified scale with dividends and buybacks, the majors (SLB, Baker Hughes, Halliburton). Valuation multiples, dividend yields, and share prices for these move with the oil cycle, so entry point matters as much as company quality.
• ETFs: the VanEck Oil Services ETF (OIH) and the SPDR S&P Oil & Gas Equipment & Services ETF (XES) bundle the manufacturers and their service peers into one ticker — a simple way to take sector exposure without single-name risk (both also hold service companies from adjacent NAICS codes). As of June 1, 2026, OIH held SLB at 20.78%, Baker Hughes at 11.62%, and NOV at 3.42%. [35]

Private routes.

• The industry's 496 firms are mostly small and private — a fragmented base well suited to private-equity "buy-and-build" roll-ups (private capital has already bought oilfield-manufacturing assets such as the GD Energy Products frac-pump line). Attractive targets have proprietary or qualified products, a meaningful installed base, recurring consumables, high switching costs, and limited dependence on a single customer or basin. [3]
• Direct ownership or acquisition of a specialist manufacturer or machine shop; corporate ownership of equipment units (Caterpillar's SPM) is another model.

Near-term outlook (forward-looking judgment, not fact). The picture is two-speed. Short-cycle U.S. equipment demand is soft: 2025's price decline cut upstream budgets (~6%), trimmed the rig count, and left idle frac capacity heading for export. Long-cycle offshore and LNG is the bright spot — record deepwater FIDs and strong subsea backlog (TechnipFMC ~$16.6 billion) should support the majors and subsea specialists into 2026. [14][24][25] EIA projects crude production rising from 13.6 million barrels per day in 2025 to 13.8 in 2026 and 14.0 in 2027, and LNG exports continuing to grow. [30] Expect continued consolidation, a growing tilt toward recurring aftermarket, digital, and lower-emission/electrified products, and gradual diversification into gas, LNG, and energy-adjacent markets. Longer term, the industry's fate is tied to the pace of the energy transition: oil and gas remain central for years, but structural demand uncertainty is the defining question for anyone taking a multi-decade view.

Common misconceptions. This industry is commonly misreported in four ways: (1) oilfield services, drilling contractors, and NAICS 333132 manufacturing are treated as one market even though they occupy different categories; (2) analysts compare global public-company segment revenue with domestic Census shipments; (3) Census value added is described as profit when it is not; and (4) record oil production is assumed to imply record equipment demand even though 2025 production increased with fewer rigs and wells.

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Sources

1. U.S. Census Bureau / NAICS Association, "NAICS 333132 — Oil and Gas Field Machinery and Equipment Manufacturing" (2022 definition, scope and exclusions). https://www.naics.com/naics-code-description/?code=333132
2. Forum Energy Technologies, 2025 Form 10-K (~80% of revenue from consumables and activity-based equipment). https://www.sec.gov/Archives/edgar/data/1401257/000140125726000015/fet-20251231.htm
3. U.S. Census Bureau, 2022 Economic Census — Concentration statistics, NAICS 333132 (receipts $11.89B; 496 firms; CR4 31.8%, CR8 40.8%, CR20 57.2%, CR50 74.5%; HHI 382.7). https://www.census.gov/programs-surveys/economic-census.html
4. U.S. Census Bureau, County Business Patterns 2023 — NAICS 333132 (employment 28,571; establishments 622; annual payroll $2.57B). https://www.census.gov/programs-surveys/cbp.html
5. Steel Founders' Society of America, Steel Casting Industry 2022 (reproduces 2017 Economic Census data: 30,413 employees, $2.089B payroll, $10.673B shipments, $6.415B materials cost, $3.510B value added). https://www.sfsa.org/wp-content/uploads/2022/06/Steel-Casting-2022-SL2022.pdf
6. NOV Inc., 2025 Form 10-K (revenue ~$8.74B; Energy Equipment backlog $4.34B, 49% expected in 2026, 58% offshore, 94% international; Energy Equipment segment 10.0% operating margin; offshore sales +9%). https://www.sec.gov/Archives/edgar/data/1021860/000119312526048350/nov-20251231.htm
7. Oil States International, 2025 Form 10-K (Offshore Manufactured Products backlog $435M vs. $311M prior year). https://www.sec.gov/Archives/edgar/data/1121484/000112148426000007/ois-20251231.htm
8. SLB, 2025 Form 10-K (ChampionX acquisition completed 2025). https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm
9. NS Energy, "Dril-Quip and Innovex Downhole Solutions complete merger to form Innovex International" (2024). https://www.nsenergybusiness.com/deals/dril-quip-and-innovex-downhole-solutions-complete-merger-to-form-innovex-international/
10. Cactus, Inc. SEC filing (Cactus assumes 65% control of Baker Hughes Surface Pressure Control business, January 1, 2026). https://www.sec.gov/Archives/edgar/data/1699136/000162828026019875/exhibit991.htm
11. U.S. Small Business Administration, "Table of Small Business Size Standards" (2023; NAICS 333132 = 1,250 employees). https://www.sba.gov/document/support-table-size-standards
12. Weatherford International / SEC Form 8-K, Q4/FY2025 results (full-year revenue $4.92B) (2026). https://www.sec.gov/Archives/edgar/data/1603923/000160392326000011/a2025-q4ex991earningsrelea.htm
13. Cactus, Inc. / BusinessWire, "Cactus Announces Fourth Quarter and Full Year 2025 Results" (revenue ~$1.08B) (2026). https://www.businesswire.com/news/home/20260225154720/en/Cactus-Announces-Fourth-Quarter-and-Full-Year-2025-Results
14. CompaniesMarketCap / TechnipFMC, "TechnipFMC 2025 revenue and backlog" (revenue $9.9B; backlog $16.6B) (2026). https://companiesmarketcap.com/technipfmc/revenue/
15. Baker Hughes Co. / SEC Form ARS FY2025 (full-year revenue ~$27.7B) (2026). https://www.sec.gov/Archives/edgar/data/1701605/000119312526130311/d63282dars.pdf
16. SLB, "SLB Announces Fourth-Quarter and Full-Year 2025 Results" (revenue $35.71B) (2026). https://investorcenter.slb.com/news-releases
17. Halliburton, "Halliburton announces fourth quarter 2025 results" (full-year revenue $22.2B) (2026). https://www.halliburton.com/en/about-us/press-release/halliburton-announces-fourth-quarter-2025-results
18. Oceaneering International, "Oceaneering Reports Fourth Quarter and Full Year 2025 Results" (revenue $2.784B) (2026). https://investors.oceaneering.com/news/news-details/2026/Oceaneering-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx
19. Forum Energy Technologies / StockAnalysis, FY2025 revenue (~$0.79B) (2026). https://stockanalysis.com/stocks/fet/revenue/
20. Innovex International / StockAnalysis, FY2025 revenue (~$0.98B) (2026). https://stockanalysis.com/stocks/invx/revenue/
21. Bureau of Safety and Environmental Enforcement (BSEE), "Blowout Preventer Systems and Well Control Rule — Technical Fact Sheet" (incorporates API Standard 53) (2019). https://www.bsee.gov/sites/bsee.gov/files/fact-sheet/bsee-fact-sheet-well-control-rule-2019.pdf
22. Research and Markets / Yahoo Finance, "Oilfield Services Industry Report 2026–2035" (2026). https://finance.yahoo.com/news/oilfield-services-industry-report-2026-091100428.html
23. U.S. Environmental Protection Agency, "Final Rule for Oil and Natural Gas Operations" (methane "Quad Ob/Oc" standards; 2024). https://www.epa.gov/controlling-air-pollution-oil-and-natural-gas-operations/epas-final-rule-oil-and-natural-gas
24. International Energy Agency, "Oil 2025 — Executive Summary" (upstream investment down ~6% to ~$420B in 2025) (2025). https://www.iea.org/reports/oil-2025/executive-summary
25. Transport Topics / Rigzone, "Fracking Companies Turn to Global Buyers for Idle Equipment" (U.S. frac exports; ~20% of output exported; e-frac adoption) (2026). https://www.ttnews.com/articles/fracking-gear-global-exports
26. Federal Reserve Bank of Dallas, "Dallas Fed Energy Survey — Q1 2025" (oil-and-gas activity and rig-count softness) (2025). https://www.dallasfed.org/research/surveys/des/2025/2503
27. Cactus, Inc. investor presentation filed with SEC (2025 revenue $1.079B, 32.7% adjusted EBITDA margin). https://www.sec.gov/Archives/edgar/data/1699136/000162828026018270/march2026investorpresent.htm
28. Innovex International, 2025 Form 10-K (operating income 14% of revenue, adjusted EBITDA 19% of revenue). https://www.sec.gov/Archives/edgar/data/1042893/000119312526067228/invx-20251231.htm
29. U.S. Energy Information Administration, "U.S. crude oil production reached a record 13.6 million barrels per day in 2025" (March 31, 2026). https://www.eia.gov/todayinenergy/detail.php?id=67404
30. U.S. Energy Information Administration, Short-Term Energy Outlook (July 2026; LNG exports 15.1 bcf/d 2025 → 17.4 2026 → 18.6 2027; crude production 13.6 → 13.8 → 14.0 mbd). https://www.eia.gov/outlooks/steo/index.php
31. U.S. Environmental Protection Agency, 2026 Final Rule technical reconsideration (methane-rule revisions, $2.5B savings estimate 2024–2038). https://www.epa.gov/controlling-air-pollution-oil-and-natural-gas-operations/2026-final-rule-reduce-burden-oil-and
32. U.S. Environmental Protection Agency, Methane policy page (Waste Emissions Charge regulation disapproved March 2025). https://www.epa.gov/natural-gas-star-program/rulemakings-policy-and-laws-address-methane-emissions-oil-and-gas-sector
33. Federal Register, Proclamation 10947 (Section 232 tariffs on steel and aluminum increased from 25% to 50%, June 2025). https://www.federalregister.gov/documents/full_text/html/2025/06/09/2025-10524.html
34. U.S. Bureau of Labor Statistics, Occupational Outlook Handbook — Machinists and Tool-and-Die Makers (34,200 annual openings projected 2024–2034). https://www.bls.gov/ooh/production/machinists-and-tool-and-die-makers.htm
35. VanEck, OIH portfolio holdings (June 1, 2026; SLB 20.78%, Baker Hughes 11.62%, NOV 3.42%). https://www.vaneck.com/us/en/investments/oil-services-etf-oih/portfolio/