BHI 4Q12 Conference Call Notes

From its 4Q conference call, Baker Hughes outlook for oil services market in 2013:

“Now let me provide some final thoughts on the year ahead. While we see a reduction in North America onshore spend led by continued weakness in pressure pumping pricing, it will be more than offset by growth in the Gulf of Mexico and in international markets. And what I like about that is that half of that increased spend will be in drilling and completions product lines.

The task of finding and efficiently producing oil and gas is not getting any easier for our customers. We all know that — about the challenges of maximizing recovery from deepwater reservoirs. And while much has been said and written on the abundance and real potential of unconventional reservoirs, the fact remains that these reservoirs present their own unique set of challenges for our customers, ranging from environmental to economic to operational. Harvesting both unconventional and deepwater opportunities in the future will require customers to leverage a portfolio of leading-edge products and services and basin-specific expertise from their service providers”