Schlumberger Ltd. and Mitcham Industries, Inc. Look to Benefit From Speedier Permit and Leasing Process
05 Abril 2012 - 9:20AM
Marketwired
The U.S. government has been under pressure to reduce rising gas
prices. As a result the Obama administration has recently announced
new procedures to speed up the drilling process for oil and gas
companies drilling on public lands. With the faster drilling
process implemented companies will be able to start drilling faster
and more frequently benefiting companies in the Oil & Gas
Equipment and Services Industry. Five Star Equities examines the
outlook for companies in the Oil & Gas Equipment & Services
Industry and provides equity research on Schlumberger Ltd. (NYSE:
SLB) and Mitcham Industries, Inc. (NASDAQ: MIND).
Access to the full company reports can be found at:
www.fivestarequities.com/SLB
www.fivestarequities.com/MIND
The Bureau of Land Management will finally enter the digital
age. Permitting and leasing decisions, which were previously done
on paper, will now be done electronically. Negotiations on average
took 298 days to approve, with the new process in place it is
expected to drop to 60 days or less.
"We have heard from the industry that they believe that BLM's
administrative processes are too slow and result in unnecessary
delay and added costs, and to some degree, their criticism is
valid," said Bureau of Land Management Director Bob Abbey. "The
president has made it clear to us that he wants us to continue to
produce oil and natural gas here at home."
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Schlumberger Limited announced that the Board of Directors
approved a 10% increase of the quarterly dividend. The increased
dividend of $0.275 per share of outstanding common stock is payable
on April 13, 2012 to stockholders of record at the close of
business on February 22, 2012.
Mitcham Industries, Inc. announced record financial results for
its fiscal 2012 fourth quarter and year ended January 31, 2012.
Total revenues for the fourth quarter increased 88% to $37.0
million from $19.7 million in the fourth quarter of fiscal 2011,
and equipment leasing revenues rose 87% to $23.7 million from $12.7
million a year ago.
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