As we all know, oil and gas aren't worth nearly as much in the ground as they are in the pipelines, refineries, and tankers. Accordingly, we also know that the energy companies are anxious to get as much of that oil and gas out of the ground as quickly as possible. That's where BJ Services (NYSE:BJS) and its know-how in pressure pumping comes into play.

We at The Motley Fool have talked about pressure pumping a bit in the past -- in relation to both service companies like Schlumberger (NYSE:SLB) and Halliburton (NYSE:HAL) and related equipment companies like CARBO Ceramics (NYSE:CRR). It's an established part of energy production these days, and as the amount of drilling activity increases (often measured in terms of rig counts), generally so does the demand for pressure pumping services.

In the case of BJ Services, this demand translated into better than 28% revenue growth in the company's fiscal fourth quarter. Although this was below average expectations, it doesn't appear as though estimates were adjusted to account for the hurricane impact in this quarter. Adding back the $21 million or so in lost revenue that the company tagged on the storms would have put revenue above the average estimate.

Profitability also increased markedly both sequentially and annually as a result of the fact that the company continues to see good performance in the pressure-pumping businesses, as well as in the other service business. Margins improved across the board, led by the U.S.-Mexico pumping business, in which rig counts have increased 16%, and revenues have risen 36%.

Not only does BJ Services have a good record of return on equity performance, but also demand is strong enough today that the company has pushed through an 11% price increase. What's more, the company believes that strong demand for drilling will continue to exceed current supply at least through next year.

Of course, sooner or later stored rigs will be brought back into service. Furthermore, great times like these lead people to leave their jobs at the big service companies and start up their own competing outfits. Still, while I wouldn't plan on holding any of these cyclical companies for the long haul, near-term earnings power and interest in the energy markets could still make for further gains.

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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).