Halliburton and Schlumberger Continue to Battle Falling Number of Natural Gas Rigs
03 Julho 2012 - 9:20AM
Marketwired
It has been a tough year for the Oil & Gas Equipment &
Services Industry as plummeting natural gas prices have seen the
number of natural gas rigs drop to their lowest levels in 10 years.
A weak global economy has seen commodity prices slide in 2012 and
as a result oil services stocks have suffered. Five Star Equities
examines the outlook for companies in the Oil & Gas Equipment
& Services Industry and provides equity research on Halliburton
Company (NYSE: HAL) and Schlumberger Limited. (NYSE: SLB).
Access to the full company reports can be found at:
www.FiveStarEquities.com/HAL www.FiveStarEquities.com/SLB
The emergence of "fracking" saw the number of natural gas rigs
in the U.S. jump from 591 in April 2002 to a peak of over 1,600 in
August 2008 according to data from Baker Hughes. The number of
natural gas rigs has since fallen to a low of 530 rigs currently
operating in the U.S. Yet falling gas prices have seen exploration
and production companies shift their focus from natural gas to the
more lucrative oil business. The number of oil rigs has jumped from
400 in August 2008 to approximately 1,400 today, with 97 percent of
those rigs are on land.
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Halliburton recently reported that they will face lower profit
margins this quarter as a result of a potential shortage of guar
gum. Guar gum is an agricultural commodity used as a blending
additive to its fluids utilized in hydraulic fracturing. "As a
result, the company now believes that its North America margins
will be impacted 300 basis points more than its previous guidance
of 200 to 250 basis points, for a total impact of 500-550 basis
points lower than first quarter levels." The company stated in a
recent operational update.
Liquid Robotics, Inc. and Schlumberger recently announced the
creation of Liquid Robotics Oil & Gas, a joint venture to
develop services for the oil and gas industry using Wave Gliders,
the world's first wave-powered, autonomous marine vehicles. Liquid
Robotics and Schlumberger have equal ownership of the joint
venture. Liquid Robotics will provide fleets of Wave Gliders
together with relevant engineering, piloting and maintenance
expertise, while Schlumberger brings their upstream technology and
market leadership.
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