Schlumberger CEO: Sees Less US Drilling Through 2009
24 March 2009 - 2:37AM
Dow Jones News
Schlumberger Ltd. (SLB) Chief Executive Andrew Gould said Monday
that declining demand for natural gas will require less drilling
this year, and production wouldn't make a substantial decline until
2010.
"As to how soon reduced rig count will lead to production
declines, we do not expect any significant change until 2010," he
told attendees at the Howard Weil Energy Conference in New
Orleans
Gould's comments come as natural gas producers have throttled
back drilling activity in the face of falling commodity prices.
Natural gas prices have fallen about 70% since hitting a July
peak of $13.694/MMBtu.
-By Jason Womack, Dow Jones Newswires; 1-713-547-9201;
jason.womack@dowjones.com