Halliburton CEO Sees Overall Increase In Rig Count For 2012 |
| Wall Street Journal - Jan 23, 2012 |
Unfettered drilling for oil will more than offset any slowdown in natural gas drilling in North America, helping improve Halliburton Co.'s (HAL) business despite a bleak outlook for natural gas prices, Chief Executive Dave Lesar said Monday.
"We believe there will be an overall increase in rig count in 2012," Lesar said in a conference call with analysts. "A more pessimistic scenario is priced into our stock, and we do not see that happening." Shares for Halliburton and other oilfield service providers have suffered in recent weeks due to a dramatic fall in natural gas prices due to oversupply combined with an unseasonably mild winter.
Lesar said that the ongoing shift towards oil drilling requires producers to purchase more expensive materials and services from oilfield services providers, providing growth opportunities for Halliburton. "The idea that North American margins will collapse is a ridiculous one."
Read Full Article from Wall Street Journal
- Posted: 2012-01-23 09:37:10
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
