NEW YORK, NY--(Marketwire - Feb 15, 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 Precision Drilling Corp. (
The emergence of "fracking" and increased access to pipelines have both been contributing factors the nation's boom in oil production. Energy Information Administration (EIA) last 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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Precision Drilling is Canada's largest oilfield services company and one of the largest in the United States. The company provides contract drilling, well servicing and strategic support services to customers. During the fourth quarter Precision Drilling averaged an active rig count of 87 rigs in the U.S. and 90 rigs in Canada. Shares of the company are up over 10 percent year-to-date.
Pioneer Energy Services provides land contract drilling services and production services to independent and major oil and gas exploration and production companies. The company reported net income grew to $3.6 million in the fourth quarter, compared to a net income of $2.6 million in the previous quarter. Shares of Pioneer Energy Services have surged nearly over 30 percent in the past week.
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