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Helix Energy Solutions (HLX) |
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WIKI ANALYSIS
Helix Energy Solutions (NYSE:HLX) is an oilfield services company that builds, maintains and maximizes the output from offshore oil and gas reservoirs.
Company Overview
Helix Energy Solutions operates primarily in the United States and, more specifically, the Gulf of Mexico Region.
Business and Financial Metrics[1]
In 2009, HLX generated a net income of $101.9 million on revenues of $1.46 billion. This represents a real turnaround from 2008, when the company incurred a net loss of $639.1 million on revenues of $2.11 billion.
Business Segments[2]
Helix Energy operates through three reportable business segments.
- Contracting Services (54.5% of revenues): This segment builds, manages and repairs oil and gas reservoirs that are "marginal" i.e. no longer wanted by or too small to be material to larger corporations.[3] Some of the segment's other services include exploration, modeling and inspection of potential future reservoirs and the decommissioning of abandoned pipes and platforms.[4]
- Shelf Contracting (27.7% of revenues): This segment focuses on diving related-activities and shallow water construction.[5]
- Oil and Gas Operations (26.4% of revenues): This segment purchases and maintains oil and gas properties for the company.[6]
Trends and Forces
67% of the company's proved reserves are undeveloped
Depending on the level of certainty associated with recovering oil and natural gas, reservoirs can be classified as either proved or unproved. Proved reserves can be further classified as proved developed non-producing (PDNP) or proved undeveloped (PUD). PDNP reserves have had enough work done to ready them for drilling, but no oil or gas has been extracted yet. PUD reserves have had no work done on them, but predictions about the amount of oil and natural gas in these reserves are assumed to be relatively accurate.[7]
Competition
There are more than 90 publicly traded energy companies focusing on oil wells, drilling, exploration and drilling equipment.[8] Of these companies, the following have been identified as competitors by Helix Energy Solutions.
- Global Industries (GLBL) provides construction, drilling and contract services to energy customers mostly in the Gulf of Mexico.[9]
- Oceaneering International (OII) focuses on deepwater production and contracting.[10]
- Acergy S.A. (ACGY) builds "surface to seabed" products that aid in contracting and pipelaying services.[11]
References
- ↑ HLX 2009 10-K pg. 43
- ↑ HLX 2009 10-K pg. 49
- ↑ Page 4, 2008 HLX 10-K, Business, Helix Energy Solutions
- ↑ Page 9, 2008 HLX 10-K, Business, Helix Energy Solutions
- ↑ HLX 2009 10-K pg. 48
- ↑ Page 78, 2008 HLX 10-K, Notes to the Consolidated Financial Statements, Helix Energy Solutions
- ↑ Natural Gas Resource Base, Natural Gas Supply Association
- ↑ Oil Well Services & Equipment, Google Finance
- ↑ Global Industries, Google Finance
- ↑ Oceaneering International, Google Finance
- ↑ ACGY Acergy S.A., Google Finance
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