Service firms await activity boost promised by operators

01/06/2003
US producers expect to increase their North American production of natural gas this year, but even at today's higher commodity prices, oil field service companies see no signs of increased drilling activity yet, industry representatives said late last month at a Houston conference sponsored by Deloitte & Touche LLP, the US arm of Deloitte Touche Tohmatsu."Every day we look at the prices and ask, 'Where is the activity?'" said Daniel R. Pickering, managing director of Houston-based Simmons & Co International, a financial consultant specializing in the oil field service sector.Pickering expects US operators to increase spending in early 2003. "Industry surveys indicate that 2003...
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