Volatile oil prices cloud outlook for services companies - Houston Chronicle

Schlumberger CEO Andrew Gould said Friday that volatility in crude oil prices is still spurring oil companies to postpone or cancel projects, but predicted activity could start to rebound next year if prices finish 2009 at a high enough level.

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“It really, really does depend on where prices will be at the end of the year, not where they are today,” Gould said in a conference call, acknowledging his current outlook is “less pessimistic” than it was a few months ago. But if crude prices do not stabilize by year end, oil companies may make additional cuts to capital spending programs in order to protect cash flows, he said.

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