Tom Petty may have been onto something when he said that the waiting is the hardest part. Nobody seems to doubt that major oil companies will continue to invest billions of dollars into offshore oil and gas exploration and production, or that Cameron (NYSE:CAM) will get it's share. The question, though, is how much of that business arrives in 2012 and 2013 and whether Cameron can regain its former position in its core markets.
A Pretty Solid Fourth Quarter
Historical numbers have only limited significance in oil service and equipment companies, so Cameron's strong fourth quarter results don't matter all that much. Revenue did rise from 12% last year and 21% from the prior quarter, with strong growth in Drilling and Production and Process and Compression.
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