Whenever large energy companies like Exxon Mobil (XOM)
start embracing the virtues of disciplined capital spending and
managing for returns instead of growth, it's seldom good news for
equipment providers. That may be oversimplifying the challenges that Dresser-Rand (DRC)
is facing, but it looks as though delays in upstream projects are
having a real impact on the business. This year may prove to be a year
where large energy concerns "digest" what they already have in progress,
but it is hard to call Dresser-Rand cheap, even if orders do start to
pick up again later this year and into 2015.
Read the full article here:
Dresser-Rand Caught In A Move Toward More Capital Discipline
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