Tuesday, September 21, 2010

Barclays (NYSE:BCS) Response to 'U.S. Oil Services & Drilling: 2010 CEO Energy Conference'

Barclays (NYSE:BCS) said the companies presenting at the 2010 Barclays Capital CEO Energy Conference were overall positive.

They said, "Presenting companies at the 2010 Barclays Capital CEO Energy Conference were generally optimistic. The international E&P spending recovery has begun and appears poised to accelerate into 2011. North America was most often predicted to flatten. The view on the offshore markets was mixed with optimism expressed for ultra-deepwater and premium jackup demand, while the mid-water and commodity jackup markets are likely to remain under pressure. The outlook on the Gulf of Mexico was clearly one of caution."

Barclays went on to describe what they were looking for in companies and specific companies they liked:

"We continue to emphasize companies with leverage to major secular growth themes in the industry. Our top picks are Weatherford (NYSE:WFT), Schlumberger (NYSE:SLB), Cameron International (NYSE:CAM), National Oilwell Varco (NYSE:NOV), Dresser-Rand Group (NYSE:DRC), SeaDrill Limited (NYSE:SDRL) and Pride International (NYSE:PDE)."

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