DRILLING EFFICIENCY BLAMED FOR WEAK GAS PRICES

Marked improvement in drilling efficiency in recent years is a major reason for weak natural gas wellhead prices in the U.S. That conclusion comes from John P. Mahedy, Morgan Stanley & Co., New York. He told the Independent Petroleum Association of America's petroleum cost and finance committee despite the decline in Baker Hughes Inc.'s U.S. active rig count, Morgan Stanley's "efficiency adjusted rig count" remained steady throughout the 1980s. That's one of the big reasons a

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