Geospace Receives Dawson Geophysical Order, Lukoil Cuts Iraq Output: Energy Business Wrap
On Thursday, Geospace Technologies Corporation (GEOS) reported the receipt of an order from Dawson Geophysical Company (NASDAQ:DWSN) for 12,000 stations of its single-channel GSX wireless recording system, at a price of $13.2 million. Delivery should occur in the firm’s first quarter, which ends December 31, 2012. Geospace designs and makes instruments and equipment employed by the oil and gas industry, in the purchase and processing of seismic data, as well as in reservoir characterization and monitoring activities.
Basic Energy Services (NYSE:BAS) sees its Hold reiterated at Jefferies, along with its $10 price target, as the analyst commented that , “We lower BAS estimates for the fourth quarter and 2013 to reflect current operating weakness, including modestly more day rate pressure and concerns about at least first half activity in Permian and Mid-Con regions. Further, we lower 2014 earnings per share on conservatism, albeit we still assume a healthy recovery. We continue to prefer peers with stronger FCF profiles for 2013.”
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Lukoil Holdings (LUKOF.PK) will reduce its output in Iraq by 30 percent, subsequent to the Iraqi government deciding to limit output so as to prop up prices, according to Andrey Kuzyaev, president of Lukoil Overseas Holding in an interview, who told state television Rossiya-24 on Wednesday that the firm now estimates that production at the West Qurna-2 oil field will reach 1.2 million barrels per day, rather than the 1.8 million barrels forecast in an initial estimate.
Hanwha SolarOne Co. (HSOL) said Thursday that it has reached an accord with the Bank of Beijing to access as much as approximately $475 million of credit during the next twelve-month period. Drawdowns of specific amounts depends upon approval procedures of the bank, including a review of specific project information, as needs be. Hanwha is a vertically integrated maker of silicon ingots, wafers and photovoltaic cells and modules in China.
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