At the same time when most major oil companies like ExxonMobil (NYSE:XOM) are pulling back on the capital expenditure lever, drilling activity outside of the United States is reaching 30 year highs. For the past couple of years, America's drilling and production has been the clear headline in the energy sector. It appears the rest of the world is determined to catch up. With the price of oil riding high internationally, drilling programs have amped up in both conventional and unconventional -- i.e. horizontal and offshore -- wells. The Middle East and Africa have been leading the charge, where national oil companies typically rule the roost. For more, check out the short clip below. 

Exxon presents a nice income investment, but so do these 9 companies

This segment is from Tuesday's edition of "Digging for Value," in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy & materials sectors @TMFEnergy.

Joel South has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.