Weather is going to hurt NES in Q4 (and probably Q1 2014)
10:04 AM EST, 12/11/2013 (MT Newswires) --
"For Q4, BAS said its revenues are now expected to be 7% to 8% lower sequentially, a change from the previous guidance of down 6% to 7%, as a result of adverse weather that caused delays in deploying equipment and people at the company's operations."
2014 is looking like it will be a busy year for NES:
HOUSTON, Dec 11 (Reuters) - Marathon Oil Corp will increase the number of rigs running in its oil-producing fields in Texas and North Dakota next year and try to sell assets in Norway and the United Kingdom, Chief Executive Lee Tillman said in an interview.
Marathon's proven ability to increase output from its Bakken acreage in North Dakota, the Eagle Ford shale in southern Texas and the Woodford shale in Oklahoma "justifies bringing in more rig activity to drive those resources to profitable volumes," Tillman told Reuters ahead of an analysts meeting.
The company plans to operate 28 rigs in 2014 in the targeted regions, up from 22 this year. Oil and gas output from the Woodford, Bakken and Eagle properties are forecast to rise 30 percent next year, as total company output rises 4 percent.
Wall Street is looking to Tillman, a former engineering executive at Exxon Mobil Corp who took the CEO spot at Marathon in August, to reshape the company's strategy after lackluster production growth and share underperformance.
A number of U.S. exploration and production companies including Hess Corp have been shedding international properties and spending more to drill in North American shale fields, which can offer higher returns and lower risk.
NES already blamed bad weather in ND last year .. expect the same again this year .. they just are not
getting the explosive business to offset the buying binge of the past 5 years .. and don't forget , TFI was
just money flushed down the drain and PF is in the tundra , where drilling ceases for a few months each
ConocoPhillips intends to spend roughly $9 billion in 2014 on its North American operations. The company will increase drilling program investments in the Bakken, Eagle Ford and Permian plays. In total, global investments will reach $16.7 billion for the company. According to the company, approximately 39 percent of the total budget will be put towards its high margin drilling programs in the Eagle Ford, Bakken and Niobrara shale’s.