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$HAL Unsustainable oil services demand to curb shale

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eFinanceMarkets   Tuesday, 07/11/17 06:51:29 PM
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$HAL Unsustainable oil services demand to curb shale boom, Halliburton exec says

Halliburton's (NYSE:HAL) head of global business development says the U.S. shale drilling boom likely will ease next year, as demand on the industry's service sector is unsustainable.

The number of rigs drilling for oil in the U.S. climbed to 763 last week, the highest in more than two years, and HAL's Mark Richard expects the count to climb above 1,000 by year-end but not beyond that, seeing 800-900 rigs as a more sustainable level in the medium term.

The rise in shale activity has been a boon for oilfield services firms such as HAL, and Richard says the company has been able to raise prices in the U.S. because of rising demand, although the appetite for oil and gas equipment is still weak outside of the Americas.

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