Drilling execs see oil field services demand rebounding

01/13/2003
Oil field services demand should rebound throughout 2003 following a sluggish fourth quarter 2002, drilling managers at US and Canadian exploration and production companies told Gerson Lehrman Group Inc.The New York-based Gerson Lehrman started a quarterly survey to gauge oil field service capital expenditure trends. In the initial survey taken during October-November 2002, 20 drilling and asset managers expected the portion of their company's capital budgets for which they are responsible to increase by 29% in 2003 compared with 2002 to a mean $68 million.On a combined basis, the managers surveyed said they were responsible for procuring $999 million in capital expenditures in 2002 a...
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