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 Ensco and Transocean
NEW YORK, NY -- (Marketwire) -- 02/22/13 -- 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 Ensco plc (NYSE: ESV) and Transocean Ltd. (NYSE: RIG).
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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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Ensco is ranked #1 for total customer satisfaction with top honors in 13 of 17 categories in the most recent annual survey by EnergyPoint Research. For the full-year 2012 the company reported record revenues of $4.3 billion, compared to revenues of $2.8 billion a year ago. The completion of six additional rigs is scheduled for delivery through the end of next year.
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deep water and harsh environment drilling services. Transocean is scheduled to release results for the fourth quarter and full year 2012 before market open on Monday, March 4th.
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