NEW YORK, NY--(Marketwire - Mar 4, 2013) - The Oil & Gas Industry has experienced a good start to 2013 as improvements in the global economy has seen both the U.S. Energy Information Administration (EIA) and OPEC raise their forecasts for global oil demand in 2013. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has gained over 7 percent year-to-date. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Helix Energy Solutions Group Inc. (
The EIA has raised its 2013 growth forecasts by 110,000 barrels per day (bpd) to 1.05 million bpd in 2013. Global oil demand is now expected to total 90.2 million bpd this year. The increase follows a report from OPEC earlier in the week projecting oil demand to increase by 840,000 bpd, 80,000 bpd higher than its previous estimate. Prices for Brent Crude have gained approximately 10 percent year-to-date hitting a 10-month high of over $118 a barrel.
"Market fundamentals and expectations strengthened in January 2013 because of earlier than-expected cutbacks in Saudi Arabian oil production and greater optimism about economic growth, particularly in China," the EIA said in its report.
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Helix Energy Solutions Group is an international offshore energy company that provides key life of field services to the energy market. The company reported a net loss of $46.3 million for the full year 2012, compared to a net income of $129.9 million a year ago. Owen Kratz, President and CEO of Helix, stated, "The divestiture of our oil and gas business and the pending sale of our pipelay vessels represent watershed events in the development of Helix. We are better positioned to advance our strategy of growing our Well Intervention and Robotics businesses."
McDermott is a leading engineering, procurement, construction and installation company focused on executing complex offshore oil and gas projects worldwide. The company recently reported revenues for the fourth quarter of 2012 were $996.0 million, an increase of 22 percent when compared to the year ago quarter. The surge in revenues was largely due to increased business from the company's Asia Pacific segment.
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