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CEOs offer differing views

July 22, 2009
The CEOs of two of the largest oilfield service companies in the country offer slightly differing views on the near future of the industry. Halliburton CEO Dave Lesar says weak commodity prices and record natural gas stockpiles will prevent any significant recovery this year in oil and gas activity in North America. From the Houston Chronicle:
“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.
Weatherford CEO Bernard J. Duroc-Danner, however, said he believes North American activity levels hit a trough in the second quarter and exploration and production has nowhere to go but up. Also from the Houston Chronicle:
“North America should not deteriorate further,” Duroc-Danner said in a conference call. “Activity has to increase.”
 
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