New book by Larry Connors Click here Improve your trading - See how
Schlumberger Chairman and CEO Andrew Gould commented, "Our outlook for the remainder of 2009 assumes a continued modest recovery in North American gas drilling but no significant improvement in service pricing... Looking further ahead, we said in our second-quarter outlook that the shape of the economic recovery beyond 2009 and the subsequent recovery in oil and gas demand remained the determining factors for future activity increases. Since then, indications of inventory rebuilding across many industries together with help from government stimuli have helped to strengthen demand for both oil and gas... As a result, we see continuing stabilization of activity around the world. However, this will not be uniform across either geographies or for services by commodity type... The worst, provided the economy continues to show signs of recovery, is behind us."
Write to Chip Brian at cbrian@tradethetrend.com
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