Halliburton CEO: N Amer Gas Drilling Recovery Unlikely In '09
July 20 2009 - 10:26AM
Dow Jones News
David Lesar, chief executive of Halliburton Co. (HAL), said the
high levels of natural gas storage would keep North American gas
drilling activity suppressed in 2009.
"Any recover in gas drilling is likely to be relatively modest
for the rest of 2009," Lesar said during a call todiscuss the
company's second-quarter earnings.
Natural gas storage levels have swelled despite the brisk
pullback in drilling activity. Natural gas in U.S. storage for the
week ended July 10 stood at 2.886 trillion cubic feet - 26% higher
than a year ago and 19% higher than the five-year average.
Meanwhile, the U.S. gas drilling rig count has plunged, falling
by more than half from its peak of 1,606 rigs in September.
-By Jason Womack, Dow Jones Newswires; 713-547-9201;
jason.womack@dowjones.com