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 Patterson-UTI Energy and Cal Dive International
NEW YORK, NY -- (Marketwire) -- 02/20/13 -- 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 Patterson-UTI Energy, Inc. (NASDAQ: PTEN) and Cal Dive International, Inc. (NYSE: DVR).
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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Shares of Patterson-UTI Energy have gained over 30 percent year-to-date. The company's subsidiaries provide onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company reported revenues from hydraulic fracturing in the fourth quarter increased 16 percent sequentially to $212 million.
Shares of Cal Dive International have gained nearly 25 percent year-to-date. For over 30 years, Cal Dive has been synonymous with manned diving, pipelay and pipe burial, platform installation, decommissioning and salvage services to the offshore oil and natural gas industry. The company is scheduled to release results for the fourth quarter and full year 2012 on Thursday, February 28th.
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