Drilling declines to a 6-year low

07/13/2009 | Nasdaq.com

API reports that second-quarter drilling declined 46% compared with the same period last year, dropping to a six-year low of 8,038 wells and dry holes completed. "The U.S. drilling decline that began last quarter in connection with the current downturn in economic activity has continued in earnest in the second quarter of 2009 as companies proceed with caution in an uncertain year," API's Hazem Arafa said.

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