Baker Hughes and Schlumberger Look to Benefit From New Process for Drilling Applications
08 Maio 2012 - 9:20AM
Marketwired
Plummeting Natural gas prices have seen the number of gas rigs in
the U.S. fall to new 10 year lows. The Obama administration has
recently announced new procedures that would cut the application
for on shore drilling permits by nearly 80 percent and could
potentially provide a major boost in demand for companies in the
Oil & Gas Equipment & Services Industry. "The president has
made it clear to us that he wants us to continue to produce more
oil and natural gas here at home," said Bob Abbey, director of the
Bureau of Land Management. Five Star Equities examines the outlook
for companies in the Oil & Gas Equipment & Services
Industry and provides equity research on Baker Hughes Inc. (NYSE:
BHI) and Schlumberger Ltd. (NYSE: SLB).
Access to full reports can be found at:
www.ParagonReport.com/BHI
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The number of rigs drilling for natural gas fell last month to
the lowest level in 10 years, as historically low gas prices have
forced companies to cut operations. The number of gas rigs have
fallen 15 of the last 17 weeks, according to recent numbers put out
by Baker Hughes the rig count has slid to 606, the lowest number
since April 2002. On the other hand total rig count for oil and gas
were up 20 last week totaling 1,965. Last year for the same week
Baker Hughes reported a total of 1,836 rigs operating in the
U.S.
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Baker Hughes is a leading supplier of oilfield services,
products, technology and systems to the worldwide oil and natural
gas industry. The company's 57,000-plus employees today work in
more than 80 countries helping customers find, evaluate, drill,
produce, transport and process hydrocarbon resources. The company
currently offers investors a dividend yield of 1.46 percent.
Tesco Corporation and Schlumberger recently announced that they
have signed a definitive agreement for Schlumberger to acquire
Tesco's CASING DRILLING division for $45 million in cash. "Our
CASING DRILLING division comprises some of our leading
technologies, which Tesco has incubated for several years," said
Julio M. Quintana, chief executive officer and president of Tesco
Corporation. "The time is right to expand the market for this
technology through this sale to Schlumberger. Tesco has been an
innovator throughout its history and we look forward to introducing
further new technologies to the industry."
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