SOURCE: Five Star Equities

Five Star Equities

July 17, 2012 08:20 ET

Oil & Gas Equipment & Services Industry Continues to Face Challenges in 2012

Five Star Equities Provides Stock Research on Schlumberger and National-Oilwell Varco

NEW YORK, NY--(Marketwire - Jul 17, 2012) - Falling Oil prices and a shift in focus from natural gas to oil drilling have been some of the challenges they have faced in 2012. "All signs point to a continued weakening in the U.S. onshore [oil-field services] market," Raymond James, analyst, said in a recent report. Five Star Equities examines the outlook for companies in the Oil & Gas Equipment & Services Industry and provides equity research on Schlumberger Ltd. (NYSE: SLB) and National-Oilwell Varco, Inc. (NYSE: NOV).

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The recent economic slowdowns in Europe and China have raised concerns regarding future oil demand. Falling prices have made it less profitable for oil and gas companies to drill in formations requiring more expensive drilling techniques. "I think there is considerably more uncertainty about the resilience of exploration and production capital spending" in North America, said Bill Herbert, Simmons & Co. analyst. "That's the result of diminished cash flow and cash-flow expectations."

Investors will receive a clearer picture of the industry after Schlumberger Ltd. and Baker Hughes Inc. report second quarter results at the end of the week.

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Schlumberger reported first-quarter 2012 revenue of $10.61 billion versus $10.97 billion in the fourth quarter of 2011, and $8.72 billion in the first quarter of 2011. Net income attributable to Schlumberger, excluding charges and credits, was $1.31 billion -- a decrease of 12% sequentially but an increase of 35% year-on-year. The company will hold a conference call on July 20, 2012 to discuss the results for the second quarter ending June 30, 2012.

National Oilwell Varco has scheduled a conference call to discuss the second quarter results of 2012 on Thursday, July 26, 2012 at 8:00 a.m. Central Time. Financial results for the second quarter of 2012 are expected to be released that morning before the market opens. The company in May completed their acquisition of the Wilson distribution business segment from Schlumberger.

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