Weatherford CEO: International Oil Spending To Fall 10%-12% In 2009
26 Gennaio 2009 - 7:32PM
Dow Jones News
Spending on oil field development and exploration outside of the
U.S. could fall by 10%-12% this year owing to the plunge in oil
prices, the chief executive of energy service company Weatherford
International Ltd. (WFT) said Monday.
"Lower prices would push the year-on-year declines in
international [exploration and production] expenditures further
down," said Bernard Duroc-Danner during a conference call following
the disclosure of fourth-quarter profits that were largely in line
with analyst expectations. "We do not think this is likely."
Weatherford, one the largest U.S.-based companies that services
oil and gas producers, reported that net income in the fourth
quarter of 2008 rose 5% to $348.1 million.
Oil prices have plunged more than 70% from their record highs
above $145 a barrel hit in July 2008.
Still, Duroc-Danner said Weatherford's international business
will experience double-digit growth as long as oil prices average
$40 a barrel.
-By Jason Womack, Dow Jones Newswires; 713-547-9201;
jason.womack@dowjones.com
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