Hunting PLC Trading Update
The favourable trading conditions highlighted in the recent AGM Trading Statement have continued. As a result, the Board now expects the Group's profit for the full year to exceed current market expectations.
The favourable trading conditions highlighted in the recent AGM Trading Statement have continued. As a result, the Board now expects the Group's profit for the full year to exceed current market expectations.
Dennis Proctor, Hunting's Chief Executive, said: "Global drilling activity, Canadian heavy oil deliveries, oil and gas prices continue to be strong due to world energy demand and reserve replacement. In Gibson Energy, Truck Transportation is benefiting from heavy oil production growth. Marketing, as always, has increasing opportunities in a volatile market. The new Edmonton North Terminal is now fully operational. Moose Jaw Asphalt has made a significant contribution to Gibson earnings due to improving well site fluids margin and rising asphalt prices.
In Hunting Energy, increased drilling activity throughout the world has benefited all products and services in both well construction and well completion divisions. Price increases continue as operators view delivery as a higher priority. Order books remain strong with some deliveries extending into 2007.
Capital expenditure for new business committed in prior months combined with a robust market is providing confidence in our outlook for 2006 and into 2007."
The Interim Results for the six months to 30 June 2006 will be announced on Thursday, 31 August 2006.
For further information, please contact:
Hunting PLC Dennis Proctor, Group Chief Executive Dennis Clark, Group Finance Director Tel: 020 7321 0123
Hogarth Partnership Limited Andrew Jaques Anthony Arthur Tel: 020 7357 9477
Notes to Editors:
Hunting PLC is an international oil services company providing support solutions to the world's largest oil and gas companies.