$HAL and $SLB, were up a good deal today, both having done well since we featured them in early August. While SLB has been a little slower off the mark it did get quite a jumpstart today, better than 5%. SLB has gone up $1.36 in price since we mentioned it. HAL has done even better adding $2.31. Why the run? Well this is part of the answer,
Pemex has ramped up investments despite the oil price crash of late 2008 and early 2009, providing opportunities for oil services companies such as Halliburton Co. (HAL) and Schlumberger Ltd.(SLB) at a time when activity has slowed in major markets such as the U.S. and Canada.
On July 30 Pemex said it will stick to its $20 billion capital expenditures target for this year despite the price slump. Pemex’s total investments reached $18 billion last year, up from just $5.1 billion in 1998. LINK
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