Eagle Ford Shale oil and liquids production is adding to the bottom line for Lufkin Industries. The company's oilfield division provides pumping units that help with the artificial lift of fluids to the surface. Oil wells have pumping units installed within months and sometimes days of being completed. As drilling ramps up in South Texas, you can expect Lufkin has a lot of work ahead.
Customers continue to spend aggressively in North America, especially in the Permian Basin, the Niobrara and in the Eagle Ford Shale play.
Automation revenues were up 23% sequentially from our new U.S. Automation factory, setting a new high for shipments, as customers continue upgrading to higher-value variable-speed drives to optimize production and minimize well operating costs. Oilfield's new order bookings increased 51% to $195.4 million from a year ago. Sequentially, international bookings more than doubled to $60 million, led by strong increases originating from South America. Automation bookings were stronger than anticipated as several international orders from projects in Oman and Romania helped bookings during the quarter.
Read the full news release at lufkin.com