Oilfield services companies are striking it rich. Like BJ Services ( BJS), which already topped Wall Street estimates this week, industry majors Halliburton ( HAL) and Schlumberger ( SLB) are set to report gushing quarterly profits when they release earnings on Friday. Granted, Halliburton warned last month that special charges will whack away at its bottom line. But the controversial company -- long weighed down by asbestos litigation and its ties to Vice President Dick Cheney -- is still expected to post strong operating profits as the entire industry capitalizes on high energy prices. BJ Services managed to grow operating profits by 45%, and beat the consensus estimate by 4 cents, when reporting quarterly earnings on Wednesday. Analysts now expect Halliburton to post second-quarter earnings of 33 cents a share -- up from just 6 cents a year ago -- due to strength in its oil services division. They are looking for Schlumberger's second-quarter profits to come in at 49 cents, up 53%. Bob Howard, author of the investment newsletter Positive Patterns, is in the camp that dislikes Halliburton because of its asbestos exposure and other problems associated the Kellogg Brown & Root unit that keeps winning contracts in Iraq. He has been recommending that his clients load up on Schlumberger at current -- and even higher -- prices instead. "Wall Street has been consistently wrong about energy prices for two years now," said Howard, who doesn't personally invest in the stocks he covers. "Since the Street is behind the curve on the energy buildout, Schlumberger should consistently outperform earnings estimates ahead." Howard considers Schlumberger the "big boy" in the drilling business and the very best at what it does. He looks for the company's stock, down 55 cents to $63.60 Thursday morning, to double over the next year.