Sector Update: Energy Shares Boosted by Earnings Optimism

Published on Thu, 01/27/2011 - 12:33
By Stephanie Shyu in General Interest, BEXP, HP.N, analysis, beat, brigham exploration, business, buy, earn, earnings, economy, eps, equity, estimate, finance, financial, forecast, helmerich & payne, high, income, invest, low, market, miss, net, news investing, price, profit, project, revenue, sale, sell, share, stock, trading
analysis, beat, brigham exploration, business, buy, earn, earnings, economy, eps, equity, estimate, finance, financial, forecast, helmerich & payne, high, income, invest, low, market, miss, net, news investing, price, profit, project, revenue, sale, sell, share, stock, trading

Energy shares are up on optimism regarding quarterly results. Brigham Exploration Co (BEXP)expects its Q4 production to more than double, helped by its drilling activity in the Williston Basin of North Dakota and Montana. The Austin, Texas-based company expects its daily production to rise 125% to 11,384 barrels a day by this winter.

Helmerich & Payne Inc's (HP.N) first-quarter results beat market estimates,
driven by higher rig utilization levels at its U.S. land segment. The land-rig
contractor's net income was $104.2 million, or 96 cents a share, up from $63.2
million, or 59 cents a share, last year. Helmerich's total revenue rose 50
percent to $594.6 million. It also signed contracts to build and operate eight
additional highly mobile rigs.

By Stephanie Shyu
sshyu@fnno.com

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