SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Feb 12, 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 Basic Energy Services, Inc. (NYSE: BAS) and Heckmann Corporation (NYSE: HEK).
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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) 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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Basic Energy Services provides a range of services to help America's oil and gas producers keep more than 900,000 existing wells in production throughout their lifecycle - from the initial drilling of the well to ongoing maintenance to plugging and abandonment. The company is scheduled to release results for the fourth quarter of 2012 on Wednesday, February 20th.
Heckmann is one of the largest companies in the United States dedicated to the removal, treatment, recycling and/or disposal and transportation of restricted solids, water, waste water, waste fluids and hydrocarbons. The company reported revenues of $93.1 million in the third quarter of 2012, a year-over-year increase of 95 percent.
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