Barclays on Energy Global Oil Services & Drilling: The Global Oil Patch Weekly
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Rating Summary:
15 Buy, 20 Hold, 1 Sell
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Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
15 Buy, 20 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Barclays on Energy Global Oil Services & Drilling: The Global Oil Patch Weekly
Barclays analyst says, "The Global Oil Patch Weekly provides industry and company commentary for the U.S., European, and Russian oil service and drilling sectors. It also contains industry data and analysis."
"Barclays Capital 22nd Oilfield Tour-We hosted the Barclays Capital 22nd Oilfield tour in Houston last week. This trip included presentations and technology tours with all four of the major oil service companies (Baker Hughes (NYSE: BHI), Halliburton (NYSE: HAL), Schulmberger (NYSE: SLB) and Weatherford (NYSE: WFT)), meetings with two of the premier high spec offshore drillers (Rowan (NYSE: RDC) and Ensco (NYSE: ESV)), a visit to one of the capital equipment leaders (Cameron (NYSE: CAM)), and meetings with three innovative and distinctive mid cap companies (Core Labs (NYSE: CLB), Carbo Ceramics (NYSE: CRR) and Complete Production (NYSE: CPX)). The companies indicated that the international recovery is still slow but all are optimistic that an improvement is near and that the pace of the recovery will quicken, most companies expect North America to remain robust for 2011 with the transition to oil and liquids more than offsetting declines in natural gas activity, capital equipment orders for new offshore rigs remain very strong and subsea tree order rates are steadily improving with a very large number of awards expected over the next 18 months, and high spec offshore rigs continue to be the best positioned assets in the rig market. First quarter results for those companies with large North American businesses and exposure to North Africa will be challenging, and several companies have already pre-announced as a result (weather in NAM, unrest in MENA). The most important company-specific takeaway came from our meeting with Schlumberger, which intends to substantially increase the percentage of contracts that are performance based by the end of 2011 for its Drilling Group. The shift in strategy is very new and in our view makes complete sense, should differentiate Schlumberger, and should force a competitive response."
Barclays analyst says, "The Global Oil Patch Weekly provides industry and company commentary for the U.S., European, and Russian oil service and drilling sectors. It also contains industry data and analysis."
"Barclays Capital 22nd Oilfield Tour-We hosted the Barclays Capital 22nd Oilfield tour in Houston last week. This trip included presentations and technology tours with all four of the major oil service companies (Baker Hughes (NYSE: BHI), Halliburton (NYSE: HAL), Schulmberger (NYSE: SLB) and Weatherford (NYSE: WFT)), meetings with two of the premier high spec offshore drillers (Rowan (NYSE: RDC) and Ensco (NYSE: ESV)), a visit to one of the capital equipment leaders (Cameron (NYSE: CAM)), and meetings with three innovative and distinctive mid cap companies (Core Labs (NYSE: CLB), Carbo Ceramics (NYSE: CRR) and Complete Production (NYSE: CPX)). The companies indicated that the international recovery is still slow but all are optimistic that an improvement is near and that the pace of the recovery will quicken, most companies expect North America to remain robust for 2011 with the transition to oil and liquids more than offsetting declines in natural gas activity, capital equipment orders for new offshore rigs remain very strong and subsea tree order rates are steadily improving with a very large number of awards expected over the next 18 months, and high spec offshore rigs continue to be the best positioned assets in the rig market. First quarter results for those companies with large North American businesses and exposure to North Africa will be challenging, and several companies have already pre-announced as a result (weather in NAM, unrest in MENA). The most important company-specific takeaway came from our meeting with Schlumberger, which intends to substantially increase the percentage of contracts that are performance based by the end of 2011 for its Drilling Group. The shift in strategy is very new and in our view makes complete sense, should differentiate Schlumberger, and should force a competitive response."
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