NEW YORK, NY--(Marketwire -04/05/12)- The U.S. government has been under pressure to reduce rising gas prices. As a result the Obama administration has recently announced new procedures to speed up the drilling process for oil and gas companies drilling on public lands. With the faster drilling process implemented companies will be able to start drilling faster and more frequently benefiting companies in the Oil & Gas Equipment and Services Industry. Five Star Equities examines the outlook for companies in the Oil & Gas Equipment & Services Industry and provides equity research on Halliburton Company (NYSE: HAL - News) and Baker Hughes Inc. (NYSE: BHI - News).
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The Bureau of Land Management will finally enter the digital age. Permitting and leasing decisions, which were previously done on paper, will now be done electronically. Negotiations on average took 298 days to approve, with the new process in place it is expected to drop to 60 days or less.
"We have heard from the industry that they believe that BLM's administrative processes are too slow and result in unnecessary delay and added costs, and to some degree, their criticism is valid," said Bureau of Land Management Director Bob Abbey. "The president has made it clear to us that he wants us to continue to produce oil and natural gas here at home."
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Halliburton Company announced that its Board of Directors have declared a 2012 first quarter dividend of $0.09 a share on the Company's common stock payable March 28, 2012, to shareholders of record at the close of business on March 7, 2012. The Company's annual meeting of shareholders will take place on May 16, 2012 in Houston, Texas. The record date for determination of shareholders entitled to vote at such meeting is March 19, 2012.
Baker Hughes recently announced that operating profit before tax for the first quarter of 2012 is expected to be lower than the fourth quarter of 2011 primarily due to rapidly changing market conditions in the Pressure Pumping product line in North America and seasonality in all international markets.
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- Halliburton Company
- Bureau of Land Management
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