HOUSTON -(Dow Jones)- Halliburton Chief Executive David Lesar said that international energy companies are unlikely to boost spending until energy demand improves.
"We believe operators will not materially increase their spending levels despite stable commodity prices without compelling evidence of recovery in hydrocarbon demand," Lesar said in a conference call to discuss the company's third-quarter earnings.
Strong results, however, in the international market continued to help offset weakness in the North American market which has suffered from natural gas prices. Natural gas prices have plunged about 65% from their 2008 summer highs above $13 a million British thermal units.
Lesar said that there is a risk of further decline in the international market in the coming quarters.
-By Jason Womack, Dow Jones Newswires; 713-547-9201; jason.womack@dowjones.com