News from Australia: "High energy prices please HALLIBURTON"

[Bluebear]

Halliburton, the world's No. 2 oilfield services company, said it expected oil prices to stay strong.

It was also optimistic about its prospects because of heavy exploration and production spending in the energy sector.

"Oil and gas prices have continued to be very robust (and) recent (exploration and production) spending surveys suggest additional growth in the back half of 2005 and 2006," Andy Lane, Halliburton's chief operating officer, told a conference call.

The current upswing in energy prices was different from bull markets in the past because the supply-demand balance had tightened due to surging consumption in China and India, as well as continued growth in the United States' energy appetite.

"In addition, world economies appear to be absorbing higher oil and gas prices with minimal impact to GDP growth rates," he said.

http://www.theage.com.au/news/Business/High-energy-prices-please-Halliburton/2005/07/25/1122143754740.html?oneclick=true