Goldman Sachs on Canadian Oil Drilling (BJS, HAL, WFT, CAM, SII, FTI)

Energy

Published: March 18, 2008 6:57 am

Goldman Sachs issued its first of a 3-part conference call covering the Canadian market, and it noted that the stimulation outlook is improving. Its preference in the first of three notes is for oil service stocks with a higher exposure to gas in the near-term. It favors BJ Services (NYSE: BJS), Halliburton (NYSE: HAL), and Weatherford (NYSE: WFT) over more oil-dominant related names like Cameron International Corporation (NYSE: CAM), Smith International Inc. (NYSE: SII), and FMC Technologies, Inc. (NYSE: FTI).

Most of the upside here is due to a limited new drilling activity in North America in the second half of 2008 and into 2009, which is combined with significantly higher natural gas prices. It also notes that oil drillers will be dependent upon new rig additions.

Jon C. Ogg
March 18, 2008

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