Following a somewhat soft spring quarter, Weatherford
For the quarter, Weatherford's net income reached $292.7 million, up 25% year over year. On a per-share basis, its $0.84 per share exceeded the $0.66 per share by 27%. Revenues in the period were up by more than 16% to $1.97 billion.
Houston-based Weatherford provides a range of drilling and completion services to oil and gas exploration and production companies. However, with Schlumberger
I was intrigued by Weatherford CEO Bernard Duroc-Danner's conference call assessment of his company's future: "Beyond '07 we see a multi-year growth process of a scale and scope that is unprecedented in our history. ...Specifically, we expect the Eastern Hemisphere to grow a similar 40% in '08."
After examining Weatherford, and considering Duroc-Danner's comments about growth, I'm inclined to find the company attractive. Indeed, if it can extend for several years the 40% growth rate that he points to for its Eastern Hemisphere business, it'll significantly lower its dependence on North America and potentially raise its profitability in the process. So given my strong feelings about the long-term attractiveness of oilfield services, I'm compelled to dip my grubby little fingers into the company's increasingly alluring pile.
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