How rental companies can maximize assets and increase output of the rental lifecycle as oil and gas production surges

The United States has seen a tremendous oil and gas production surge in 2022. The US rig count is currently up by 271 rigs compared to the same time last year, and Texas has added thousands of oil-field service jobs in the previous few months, but oil producers are facing constraints, including the inability to secure materials amid rising competition for fleets and equipment during this production boom. Unsurprisingly, renting equipment to get the job done is now becoming a preferred option, increasing the demand quite a bit—so much that the latest quarterly forecast in the US shows equipment rental revenue is expected to grow by 11.1% in 2022, or reach nearly $56 billion. By focusing efforts on and executing work with rental equipment, O&G companies can streamline operations and increase their bottom line.