Weatherford Scores Iraqi Contract (WFT, SLB, E, OXY)
Oil field services company Weatherford International Ltd. (NYSE: WFT) has won a contract worth $843 million to build six crude oil production facilities at Iraq’s Zubair field in the south of the country. Weatherford bested Schlumberger Ltd. (NYSE: SLB), among…
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The project would more than double the output from Zubair — from 254,000 barrels/day to 554,000 barrels/day — in two years following the start of construction.
Iraq’s production goal for the field is 1.2 million barrels/day by 2017. The country’s overall goal is produce 12 million barrels/day by 2017, although half that amount is more realistic given the state of Iraq’s export capabilities.
Shares of Weatherford are up about 2.8% at $12.76 in a 52-week range of $10.85-$22.76.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
