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Weatherford International (NYSE: WFT), a mid-cap player that sports strong growth prospects thanks to recent contract wins.

If you simply look at the North American energy market, you’d see little reason to be optimistic. Natural gas prices remain weak and so many new gas fields have recently been discovered that another spike is very unlikely. Weatherford is feeling this hit as much as any player: Operating income in North America is likely to be just $250 million to $300 million in 2010, well below the $1.2 billion generated in 2008. Yet in the years to come, spending on natural gas fields should rebound as existing fields become depleted, supply shrinks and untapped wells get pulled into service. (

More importantly, Weatherford is also heavily exposed to the oil exploration market, which is in the early stages of a rebound — especially on the international stage. As a result, Weatherford is poised to see a sharp acceleration in profits. The company is just now ramping up in Iraq, Russia, Brazil, Saudi Arabia, Libya, China and elsewhere.

Regards,

Don