NEW YORK, NY--(Marketwire -05/08/12)- 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 Halliburton Company (HAL) and Mitcham Industries, Inc. (MIND).
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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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Halliburton is one of the world's largest providers of products and services to the energy industry. The company serves the upstream oil and gas industry throughout the life cycle of the reservoir -- from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.
Mitcham Industries last month reported record financial results for its fiscal 2012 fourth quarter and year ended January 31, 2012. Total revenues for the fiscal 2012 fourth quarter increased 88% to $37.0 million from $19.7 million a year ago, driven by extremely strong equipment leasing revenues and another excellent quarter at Seamap.
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- Baker Hughes