Oil Sector Eager To Rebound

Oil service companies like Halliburton and BJ Services are bracing themselves for what could be one of the sector’s worst earnings seasons in years. Investors aren’t banking on oil markets improving in 2009, so they will likely put their dollars with the cost-cutters.

Quarterly comparisons will be downright dismal given that oil was on a record-setting trajectory in the year-ago period. Drilling services were in high demand for most of 2008 as oil companies increased drilling and exploration projects in hopes of increasing their oil holdings while the price of crude was rising.
Forbes