In its weekly release on Friday, Baker Hughes Inc. (BHI) reported a slight dip in the number of rigs searching for oil and gas in the U.S., as producers restricted their drilling activities in response to the current supply overhang in the natural gas market. The number of units exploring and producing in the U.S. fell to 1,040 for the week ended October 16 (as clear from the first chart below from Baker Hughes). This is down by 1 from the previous week’s tally and is the first decline in 5 weeks. The combined oil and gas rig count is down by 936 from the year-ago period. It rose to a 22-year high in 2008, peaking at 2,031 in the weeks ended August 29 and September 12. The number of natural gas rigs drilling in the U.S. decreased by 5 to ...

  Earlier today, Halliburton Company (HAL) – one of the largest oilfield service providers in the world – reported better–than-anticipated third-quarter results, benefiting from its balanced global portfolio and broad spectrum of industry-leading services, especially in key unconventional resources. Earnings per share, excluding employee separation costs, came in at 31 cents, 5 cents above the Zacks Consensus Estimate. Revenue & Profitability On a year-over-year basis, Halliburton’s adjusted earnings per share was down more than 59% while revenue decreased 26% to $3.6 billion, hurt by continued pricing pressures in the all-important North American region to which the company is heavily exposed through its market-share-leading pressure-pumping business. During the quarter, North America accounted for approximately 36% of the company’s total revenue and 7% of its operating income. Completion & Production Segment Business-segment-wise, the Completion and Production segment revenue was up 4% sequentially but was down 29% year-over-year ...

Synergy Resources Corporation has completed its drilling program in Weld County, Colorado, announcing finalization of the initial seven wells. Synergy, whose corporate offices are in Platteville, Colorado, is an up-and-coming exploration and production company for domestic oil and natural gas. The majority of the company’s footprint consists of the Denver-Julesburg Basin, which includes the 7th largest gas reserve field in the U.S.

According to the wireline and drillpipe logging data from Halliburton on the Meyer #3, 5, 6, and 8 wells drilled by Synergy, excellent log response was achieved for both of the primary targets: the Codell formation and all three benches of the Niobara formation. Production casing for these four wells has been set and tank battery construction is underway.

The Meyer #2, 4 and 7 wells, in addition to the aforementioned targets, also targeted the J-Sand formation. With Halliburton’s logs again detailing excellent penetration and uptake for the Codell/Niobara

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• Bank of America (NYSE:BAC) reported a higher-than-estimated third-quarter loss, with a loss of 26 cents as revenue of $26.04 billion missed Zacks estimates of $27.61 billion.  The firm added $2.1 billion to credit loss reserves

• General Electric (NYSE:GE) reported third-quarter earnings of 27 cents a share ex-items, 7 cents above Zacks estimates, on revenues of $37.8 billion, a 20% drop which missed estimates of $39.78 billion. CEO Jeff Immelt noted, "While it remains a tough environment for GE Capital, we are seeing signs of stabilization. Every segment at GE Capital was profitable with the exception of Real Estate, which is experiencing a tough environment but where we believe the risks are well understood and manageable"

• First Horizon National (NYSE:FHN) reported a third-quarter loss of 24 cents a share, versus Zacks estimates of a 34 cent loss, on revenues of $495 million

• Halliburton (NYSE:HAL) reported a third-quarter profit of

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U.S. stocks stayed above the threshold reached yesterday as a late-session buying helped offset weakness in banking and technology shares.  Financials dragged on stocks through the early afternoon even as Goldman Sachs and Citigroup reported better-than-expected profit reports.   However, the final fifteen minutes witnessed much of the activity as higher oil prices sent energy stocks higher and, in turn, helped the broader market.

The Dow Jones industrial average closed above the 10,000 level for the second-successive day, edging up 47 points, or 0.5%.  The S&P 500 index edged up 4 points, or 0.4% and the tech-heavy Nasdaq composite ended the day virtually flat.  The gains in the Dow average were led by Microsoft (NASDAQ:MSFT) whose shares jumped 2.9%.  The Windows 7 is slated for release on October 22.

Among energy stocks, Chevron (NYSE:CVX) and ExxonMobil (NYSE:XOM) shares climbed 1.6% and 1.5%, respectively, as crude prices jumped to their highest

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Yesterday, oilfield service provider Halliburton Company (HAL) announced the receipt of a two-year, $229 million contract from the Norwegian subsidiary of Talisman Energy Inc (TLM). The deal calls for Halliburton to provide drilling fluids and related services to all Talisman-operated fields on the Norwegian Continental Shelf.  Halliburton further said that work on the contract, which includes several extension options, began in the third quarter of 2009. The world's second-largest oilfield services company after Schlumberger Limited (SLB) will provide the required services through its Baroid product service line.  We view the Talisman contract award as a positive for Halliburton, especially at a time when the company is reeling from its heavy exposure to the North American market.  Houston, Texas-based Halliburton Company is one of the largest oilfield service providers in the world, offering a variety of equipment, maintenance, and engineering and construction services to the energy, ...

Halliburton (HAL) enjoys a strong competitive position in the global oilfield services market. We like the company’s broad and technologically complex product and service offerings, along with its robust financial profile. Halliburton is among the top three players in each of its product/service category and is present in all major hydrocarbon-producing regions of the world.

The company has a strong international oilfield presence, with the oil-rich Eastern Hemisphere becoming its fastest growing segment. In fact, this region contributed largely to Halliburton’s better-than-expected second-quarter profit of 30 cents per share (above the Zacks Consensus Estimate of 27 cents). Its international operations have held up reasonably well in the downturn and are expected to provide some cushion to the company’s near-to-medium-term performance.

However, Halliburton’s overexposure to domestic natural gas prices remains a cause for concern. Being a global leader in the vital oilfield service, the company remains more vulnerable to

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Tuesday August 11, 2009

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comScore, Inc. (Nasdaq: SCOR), a leader in measuring the digital world, today announced the introduction of comScore Ad Metrix in Canada, a breakthrough service in digital media campaign planning and buying that provides comprehensive insights into where display ads are viewed online and the demographic composition of the audiences reached. The service captures multiple varieties of display advertising, including static banners, rich media and video ads.

NMT Medical, Inc. (NASDAQ: NMTI) today announced that NASDAQ has approved the Company’s request to voluntarily transfer the listing of its shares to The NASDAQ Capital Market from The NASDAQ Global Market. The transfer

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Baker Hughes (BHI) reported second-quarter earnings of $0.41 per share, compared with the Zacks Consensus Estimate of $0.45 and a year-ago profit of $1.36 per share.

The significant year-over-year downfall in earnings was due to lower activity levels, severe contraction in customer spending and price deterioration. Including one-time items, Baker Hughes’s earnings were $0.28 per share versus $1.23 per share in the year-earlier quarter.

Segment Performance

Revenue from Baker Hughes’ Oilfield operations was $2.34 billion, down 22% year over year and 12% sequentially. Pre-tax operating profit fell nearly 65% year over year and more than 37% sequentially to $239 million. Pre-tax operating margin for the quarter was 10%, compared to 23% in the year-ago period and 14% in the previous quarter.

Revenue from the Drilling and Evaluation segment decreased 27% year over year and 14% sequentially to $1.12 billion. The segment’s pre-tax operating profit was down 80% year

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Yesterday, Petroleos Mexicanos (also known as Pemex), Mexico’s state oil company, said that it has awarded a contract to Houston-based oilfield service provider – Halliburton Company (HAL) – to drill 170 wells at the large Chicontepec oil basin.  Pemex said that the deal, worth approximately $159 million, will last three years and involve four drilling rigs. Halliburton is expected to commence work on the Chicontopec fields (in northern Mexico) from the next month. This will mark the oilfield services giant’s debut in an area where its competitors Schlumberger Limited (SLB) and Weatherford International (WFT) already have an established presence.  At a time when Halliburton, the world's second-largest oilfield-services company by revenue, is reeling from its heavy exposure to the natural gas-centric North American market, the Pemex contract allows the company to expand its international presence. Mexico is an important market for all oil service ...