NXPN...This reduced exploration will accelerate the decline in output into 2010 with production forecast to fall 2.6 percent next year to 56.42 billion cubic feet a day as the report from the department's Energy Information Administration recently showed.
Furthermore, the number of rigs drilling for natural gas has dropped 56 percent from a peak of 1,606 in September and is at its lowest in more than six years, according to data from Baker Hughes Inc. Companies have cut back on gas exploration and production as the worst recession in five decades reduced demand from factories and power plants.
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