Robbie Citrino, Kapitall: Increasingly hard to reach oil causes drillers to increase capital expenditures, boosting sales and profits for oil machinery suppliers. The time of easy oil is long gone. Once the process of finding oil was as simple as finding where it seeped out of the Texas ground. Now new technologies are utilizing ultrasound and radar to scan the sea floor miles below the surface. With a steadily increasing demand for the sludge we all consume, the large oil conglomerates have been forced to search deeper into the earth, hiking up both their risk and their expenses. But as the never-ending search for new reserves straps drillers, it remains liquid gold to oil machinery suppliers. Drillers are in a constantly shifting race to find the next sweet spot for oil – which requires increasingly expensive and elaborate machinery to gain access to. This, tied to an increase in rig orders, has rocketed drillers’ capital expenditures up nearly 25% YoY, and sent its total to an unprecedented high of $723 Billion, a large portion of which directly lines the equipment suppliers’ pockets. Chevron’s (CVX) capital expenditures alone climbed around 70% since 2011, to almost $38 billion in 2013. This boost in cash has knocked National Oilwell Varco’s (NOV) revenues up 64% since 2011 to nearly $23 billion annually, showing how they can rake in the riches off of the increasingly stretched situation of drillers. As a solution to oil derived power has yet to prove profitable on a large scale, oil machinery manufacturers are well positioned to reap profits from the pressures upon companies working in different parts of the industry. Click on the interactive chart to view data over time. 1. Chevron Corporation ( CVX): Engages in petroleum, chemicals, mining, power generation, and energy operations worldwide. Market cap at $234.55B, most recent closing price at $123.21.