NEW YORK, NY--(Marketwire - Jan 17, 2013) - The nation's focus on reducing its dependence for oil have created significant opportunities for growth for companies in the Oil & Gas Equipment & Services Industry. The International Energy Agency (IEA) recently forecasted the U.S. will become the world's largest oil producer by 2020. Five Star Equities examines the outlook for companies in the Oil & Gas Equipment & Services Industry and provides equity research on National-Oilwell Varco, Inc. (
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The emergence of "fracking" and increased access to pipelines have both been contributing factors to the nation's boom in oil production. Energy Information Administration (EIA) earlier this month reported that oil production in the U.S. surpassed the 7 million barrels per day mark, which is the highest level in nearly 20 years. Despite a projection of a just a 0.3 percent increase in domestic oil demand, the EIA expects U.S. oil production to increase 14 percent to 7.3 million barrels a day in 2013. Oil production in the U.S. is projected to peak at 11.1 million barrels a day in 2020.
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National-Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry. The company is scheduled to release its fourth quarter and full year 2012 results before market open on February 1st.
Weatherford is one of the largest global providers of products and services that span the drilling, evaluation, completion, production and intervention cycles of oil and natural gas wells. The company reported revenues of $3,818 million in the third quarter, which was a quarterly record.
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