TAKING THE PULSE: The petroleum industry has been bracing for bad times with the fate of a federal moratorium on deepwater oil exploration in dispute following the Gulf of Mexico disaster. The April explosion and sinking of the Transocean Ltd. (RIG) Deepwater Horizon rig, which was finishing a deepwater well for oil giant BP PLC (BP), helped reduced U.S. offshore rigs in operation by 59% in June from a year earlier, according to data by Baker Hughes Inc. (BHI). Onshore activity continued to rise thanks to increased drilling in shale natural-gas fields, despite continued weak prices and ample inventories.

The spill adds to challenges facing the oilfield-services industry, which is still recovering from a drilling slump caused by weak commodities prices and the recession. Prospects remain unclear for offshore production in the Gulf, which accounts for about a quarter of U.S. oil and gas output.

 
    COMPANIES TO WATCH: 
 
    Halliburton Co. (HAL) reports July 19

Wall Street Expectations: Analysts surveyed by Thomson Reuters on average project earnings of 36 cents a share on revenue of $4.07 billion. Prior-year profit was 29 cents on revenue of $3.49 billion.

Key Issues: Halliburton, which did the cementing job on BP's damaged well, early last month said it was contributing to well-control and relief-well efforts and confident the company will be protected from any spill-related claims. It reported increased first-quarter drilling activity in North America as oil-and-gas producers continue their push to develop gas- and oil-bearing rock formations called shales.

 
  Weatherford International Ltd. (WFT) reports July 20

Wall Street Expectations: Analysts forecast a profit of 7 cents on revenue of $2.37 billion. A year earlier, Weatherford's earnings were 6 cents, including 4 cents restructuring and other charges, on revenue of $2 billion.

Key Issues: The company in April expected second-quarter earnings would be roughly flat with the first quarter's 6 cents, excluding charges. Profit slumped then internationally on bad weather and the bolivar's devaluation. While growth in North American drilling partly offset the weak international performance, low natural-gas prices are expected to keep the company's North American drilling results flat.

 
  Schlumberger Ltd. (SLB) reports July 23

Wall Street Expectations: The company is anticipated to post earnings of 68 cents on revenue of $5.92 billion. A year earlier, Schlumberger reported a profit of 51 cents, including 17 cents in restructuring-related charges, on revenue of $5.53 billion.

Key Issues: The company said last month the U.S. moratorium on drilling in the Gulf would affect a small portion of its revenue, as its oilfield-services business in the region produced about 3.5% of Schlumberger's 2009 revenue. Meanwhile, it said in April that the first quarter would mark the bottom for its international operations, which the company predicted would resume growth barring "exceptional circumstances."

 
  Nabors Industries Ltd. (NBR) reports July 28

Wall Street Expectations: Analysts forecast a profit of 19 cents on operating revenue of $880 million. A year earlier, the Nabors reported a loss of 68 cents, including $1 a share of write-downs, on operating revenue of $868 million.

Key Issues: Nabors is likely to sidestep the fallout from the Gulf disaster because of its focus on onshore drilling. The company's results have improved sequentially of late, partly owing to slashing its work force by nearly a third last year to offset slumping demand. Like others in the sector, Nabor's first-quarter results also showed improving performance in North America, with international operations falling.

 
  Baker Hughes Inc. (BHI) reports Aug. 3

Wall Street Expectations: Analysts predict a profit of 42 cents on revenue of $3.48 billion. A year earlier, the company reported earnings of 28 cents, including 13 cents in charges, on revenue of $2.34 billion.

Key Issues: Baker Hughes in late April completed its $6.6 billion acquisition of BJ Services, whose pressure-pumping business is a crucial component in developing service-intensive shale fields. Baker Hughes also saw improvements in the North American markets in the first quarter, while its international operation was hurt by lower prices on prior-year tender awards.

(The Thomson Reuters estimate and year-earlier earnings may not be comparable due to one-time items and other adjustments.)

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; tess.stynes@dowjones.com
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