Hunting PLC
26 June 2007
26 June 2007
Hunting PLC
('Hunting', the 'Company')
Trading Update
Trading conditions continue to be robust. The Board remains confident on the
outlook for the year as performance is in line with internal expectations.
Dennis Proctor, Hunting's Chief Executive, said:
'The global thirst for energy continues to provide growth opportunities for the
Group. Gibson Energy's truck transportation business continues to enjoy strong
demand as a result of the high levels of heavy oil project activity in Canada.
The recent acquisition of Boychuk Energy on lst June 2007 for £6.3m has added 5
per cent of additional capacity to our fleet. Marketing continues to benefit
from the volatile commodity prices and the increasing utilisation of its
Edmonton North facility. Due to a slow start in drilling activity and unusually
wet weather, Moose Jaw Refinery is marginally behind expectations. Asphalt
prices are up year-on-year and well site fluid deliveries should catch up in the
second half. Canwest Propane has had an excellent start to the year with higher
margins.
In Hunting Energy, global drilling increases have benefited all products and
services, especially in the North Sea and Asia. Exploration and Production
spending forecasts have risen from a 7 per cent increase over 2006 to 13 per
cent. Order books remain strong and contracts received in 2006 are now being
delivered. Its 14 global manufacturing facilities are nearing full capacity,
however, expansion plans are in place to provide for future volume growth.
Capital expenditure is forecast to exceed 2006 levels by approximately 50% to
take advantage of the opportunities from the increase in customer demand.
We remain mindful of the potential impact of exchange rates on our results.'
Hunting's Interim Results for the six months to 30th June 2007 will be announced
on Thursday, 30th August 2007.
For further information, please contact:
Hunting PLC
Dennis Proctor, Chief Executive Tel: 001 281 442 7382
Dennis Clark, Finance Director Tel: 020 7321 0123
Hogarth Partnership Limited Tel: 020 7357 9477
Andrew Jaques
John Olsen
Anthony Arthur
Notes to Editors:
Hunting PLC is an international oil services company providing solutions to the
world's oil and gas companies.
This information is provided by RNS
The company news service from the London Stock Exchange
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