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 Schlumberger Ltd. (NYSE: SLB - News) and Mitcham Industries, Inc. (NASDAQ: MIND - 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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Schlumberger Limited announced that the Board of Directors approved a 10% increase of the quarterly dividend. The increased dividend of $0.275 per share of outstanding common stock is payable on April 13, 2012 to stockholders of record at the close of business on February 22, 2012.
Mitcham Industries, Inc. announced record financial results for its fiscal 2012 fourth quarter and year ended January 31, 2012. Total revenues for the fourth quarter increased 88% to $37.0 million from $19.7 million in the fourth quarter of fiscal 2011, and equipment leasing revenues rose 87% to $23.7 million from $12.7 million a year ago.
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