Halliburton says can maintain demand if oil falls

http://today.reuters.com/business/newsArticle.aspx?type=ousiv&storyID=2006-05-17T173454Z_01_N17238308_RTRIDST_0_BUSINESSPRO-ENERGY-HALLIBURTON-DC.XML

Halliburton says can maintain demand if oil falls


DUNCAN, Oklahoma (Reuters) - Demand for oilfield services should continue even if crude oil prices fall from near $70 a barrel to a range of $40 to $50, Halliburton Co. (HAL.N: Quote, Profile, Research) Chairman and Chief Executive Dave Lesar said on Wednesday.

Speaking to reporters after the company's annual meeting, where about 100 protesters gathered outside, Lesar said oil prices in that range would also present less risk of curtailing demand.

"Oil prices between $40 and $50 would allow our customers to continue to drill the projects that over a long time would be economically viable," Lesar said. "(Natural) gas prices in the mid to high single digits also would allow everybody to bring the technology, the effort to bear in terms of sustainable oil and gas drilling."

Demand for oilfield services fueled by high crude and natural gas prices boosted Halliburton's net income in the first quarter of this year by $123 million.