U.S. Oil Production Hits Highest Level in 20 Years, Projected to Increase an Additional 14% in 2013
Five Star Equities Provides Stock Research on C&J Energy Services and Schlumberger
NEW YORK, NY--(Marketwire - Jan 21, 2013) - The nation's focus on reducing its dependence for oil has 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 C&J Energy Services Inc. (NYSE: CJES) and Schlumberger Ltd. (NYSE: SLB).
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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) 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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C&J Energy Services an independent provider of premium hydraulic fracturing, coiled tubing, pressure pumping, wireline and other complementary services with a focus on complex, technically demanding well completions. The company reported revenues of $307.8 million in the third quarter of 2012 an increase of 34 percent year-over-year and an increase of 11 percent sequentially.
Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. The company reported Oilfield Services revenues totaled $11.17 billion in the fourth quarter of 2012, an increase of 8 percent year-over-year and an increase of 5 percent sequentially.
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