Dave Lesar, CEO of Halliburton stated during a conference call to discuss the company’s fourth-quarter earnings that 2010 is poised to be “much better” this year. Mr. Lesar premised, “However, this view requires a sustained increase in natural gas drilling activity.” and noted that U.S. natural gas storage levels would need to exit the winter heating season in line with historical levels. (see Horn River News: “Natural gas inventories down more then expected: within historical range”)

Mr. Lesar is quoted as stating;

“The increase in rig count, positive withdrawals from gas storage and the focus by operators on projects with high service intensity are positive indicators for the North America market in the short term.”

He goes on to state:

“Many operators have announced potential increases in upstream spending for 2010 targeted for new frontier developments and ultra-deepwater where we are well positioned. However, we expect operator investment will remain weighted toward the second half of the year. We believe 2010 will be a transition year as the industry seeks to balance supply growth with recovering hydrocarbon demand.”

Wall Street Journal: “Halliburton CEO: North America Set To Be “Much Better” In 2010″