According to the head of oilfield services heavyweight Halliburton, the North American drilling market could rebound in 2010.
During Halliburton's conference call discussing fourth-quarter earnings, Chairman and Chief Executive Dave Lesar noted that 2010 will be a "much better" year, which will "require a sustained increase in natural gas drilling activity."
Lesar pointed out that U.S. natural gas storage levels -- which stood at 2.607 Tcf in the week to Jan. 15, representing a net decline of 245 Bcf from the previous week -- must exit this winter's heating season on track with historical levels.
Currently, domestic natural gas in storage is 1% higher than the previous year, but still less than the five-year average, according to EIA estimates.
On the international front, Lesar is less optimistic about oilfield services demand. "We're seeing out customers trying to remain flexible in their spending patterns, and they continue to focus on restraining oilfield services," he said.
Today, Halliburton posted full-year revenue of $14.7 billion for 2009, down 20% from the full year 2008.
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GoHaynesvilleShale.com (GHS) was launched in 2008 during a pivotal moment in the energy industry, when the Haynesville Shale formation—a massive natural gas reserve lying beneath parts of northwest Louisiana, east Texas, and southwest Arkansas—was beginning to attract national attention. The website was the brainchild of Keith Mauck, a landowner and entrepreneur who recognized a pressing need: landowners in the region had little access to…
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AboutAs exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More |
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