Since the market seems willing to like oil service stocks again, at least for a couple of days, let's take a look at what service provider Weatherford (NYSE:WFT) has been up to recently.

Well, I'll be -- another oil services company has produced strong quarterly growth. Revenue was up 64%, operating income more than doubled (up 113%), and income from continuing operations nearly doubled. Then again, given recent results from companies like Schlumberger (NYSE:SLB), Halliburton (NYSE:HAL), and BJ Services (NYSE:BJS), it seems safe to say that good earnings in the oil services sector are about as rare these days as Tuesday following Monday.

Results were also strong on a sequential basis, though no thanks to Canada. Our neighbor to the North experienced unusually bad weather that pushed Weatherford's Canadian business down about 42% sequentially. In any case, strong results in the U.S. -- and particularly in the Eastern Hemisphere -- kept growth on track.

That Eastern Hemisphere interests me more and more. Whether it's Africa, Russia, or China, there are still major regions of the globe that haven't been worked over as thoroughly as U.S. oil fields. That means a lot of potential evaluation, drilling, completion, and production-assistance business for Weatherford in the years to come. Also, remember that we're not just talking about CNOOC (NYSE:CEO) or Lukoil (OTC BB: LUKOY.PK) here; huge companies like ExxonMobil, Total (NYSE:TOT), and ConocoPhillips all have interests on the other side of the world as well.

Bigger firms like Schlumberger may be the safer play on ongoing strength in the energy sector, but the more I dig into Weatherford, the more I like its growth potential. Just remember that this entire sector is exceptionally volatile. If you want to invest here, you'll have to accept the near-certainty of seeing 10%-20% swoons in the stock price that have little or nothing to do with the actual business.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).