Optimism grows about US drilling action increase in 2003

10/14/2002
US drilling activity should increase in 2003, said a panel of energy industry executives in Houston Oct. 4.The up cycle will be largely driven by natural gas, as well as the strengthening relationship between operating companies and contract drillers, said panelists at the 16th biannual Oilfield Breakfast Forum sponsored by Resource Marketing International and Randall Morton International Inc., both of Houston. Despite recent run-ups in both oil and natural gas prices, US drilling activity hasn't yet picked up primarily because cash flow among operators is still down 25% from last year, said James D. Crandell, managing director and senior oil service analyst at Lehman Bros. Inc. "That...
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