This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. The quotes are generally pieces of information that I find interesting or helpful to understanding the company, industry or economy and are not meant to provide summaries of the full content of the call. Other posts in this series can be found by clicking here. Full transcripts can be found at Seeking Alpha.
“The results were driven by solid activity levels in all our main markets as well market share gains for a number of our product lines on the back new technology sales and our strong execution and integration capabilities.”
“The oil market picture is also largely unchanged. The market is more comfortably supplied than it was in 2012, but spare capacity remains below pre- Libya conflict levels.”
“Overall, the market continues to support Brent prices over $100 per barrel.”
“For natural gas, the apparent rebalancing of the U.S. market is still fragile as gas production remained steady and as the power sector has already switched back to coal in some regions on higher gas prices.”
“we said that international would grow north of 10% this year. We would see growth in Latin America, but due to the kind of transitional nature both, in Mexico and Brazil as we indicated earlier in the year, we weren’t expecting a lot of growth coming out in Latin America which is being confirmed and we said that the main growth markets would be Sub-Saharan Africa, Russia, Middle East, in particular Saudi and Iraq, China and Australia.”
“I mentioned in my prepared remarks, we still saw pricing pressure [in North America] both in the drilling, stimulation and Wireline product lines in the second quarter but that was slowing somewhat in pace.”
“or E&P companies that potentially are or will be facing cash flow issues, we expect them to be likely to shift more of the spend within the E&P spend from more infrastructure related projects towards more well CapEx.
So that obviously will be good for our business, because that’s sort of where we make most of our money on, right? So, I think the general shift from infrastructure towards CapEx is where I expect to happen for those E&P companies that are facing cash flow issues.”
“For the early production trends, I think we need more information to look at the production of these wells over a longer period of time and I think we also we need to look at the initial rates or the inflow performance for the wells that the operators are started to drill outside of the fairway”
“company wide programs addressing execution improvements they are not really sporadic or episodic with us. They are a way of life.”