Halliburton CEO doubts 2009 recovery for industry
By BRETT CLANTON Copyright 2009 Houston Chronicle
July 20, 2009, 10:14AM

Halliburton CEO Dave Lesar cast doubt today on prospects for any significant recovery this year in oil and gas activity in North America, as commodity prices remain weak, customers keep spending restrained and natural gas stockpiles hover near record levels.

“Due to the continued weakness in natural gas demand . . . we believe it is unlikely that there will be a meaningful recovery in natural gas prices and, consequently, drilling activity for the remainder of the year,” Dave Lesar said in a statement explaining a nearly 50 percent drop in the company’s second quarter profits.