what does oil services companies do exactly?

Answer 1

The first two answers here describe what oil companies do, not "service companies." If you've heard of the "major" oil companies, like Texaco, they own the refineries. Refineries are not "service" companies, but subsidieries of larger oil companies. Why do people answer when they don't know squat?

Good service companies that are publicly traded would be Schlumberger, the best wireline outfit in the world, a French international company. They are a wireline company, that runs wireline trucks out to the oil wells, and lowers sensitive tools down into the well to take readings on whether there might be oil there, or whether the casing is cemented properly, or to shoot holes in the casing for oil to flow into the wellbore.

Halliburton is one of the largest "service" companies to the oilfied in the world. They primarily use large pump trucks to treat the wells or stimulate the formation: fracturing and acidizing the oil-bearing sands to make them flow more oil. They also pump cement into the well to hold the casing in place.

Baker-Hughs is another respected company; a competitor to Halliburton, but they also sell various and different tools used downhole, like packers and anchors and scrapers.

Answer 2

they provide services to companies that explore for oil. for examples include companies that rent rigs for off shore exploration, companies that provide seismic data or companies that construct oil wells as outside contractors to oil exploration companies.

Answer 3

They find way to charge us more for gas so they can make billions of dollars profit.

Answer 4

they buy oil from the suppliers, refine it and sell it to the consumers?

Answer 5

they are also involve in discovering oil reserves