Halliburton: North American Drilling Market to Improve in 2010
North America’s drilling market could see an upswing in 2010, according to Halliburton. The oilfield services giant posted a 12 percent rise in revenue from increased drilling rig and oil and gas activity in shale gas fields. Dave Lesar, Chairman and Chief Executive says this year will see significant improvement over 2009’s levels as long as natural gas drilling activity maintains a steady growth pattern.
During a meeting on fourth quarter results, Lesar highlighted natural gas storage levels for the US, which stood at 2.607 Tcf the week of Jan 15 - one percent higher than last year and slightly less than the five-year average, according to Dow Jones. Lesar said it would be necessary to stay on track with historical levels in exiting the winter heating season.
Oilfield services demand shows less promise on the international front, according to Lesar.
“We’re seeing our customers trying to remain flexible in their spending patterns, and they continue to focus on restraining oilfield services.”
Learn more at: Wall Street Journal
(Edited by Gabe Perna)