Halliburton CEO: Sees 'New Regulatory Climate' In US Gulf

19th Jul 2010 14:55

HOUSTON (Dow Jones)--The federal moratorium on deepwater drilling will usher in a "new regulatory climate" in the U.S. Gulf of Mexico and shift investment in oil and gas exploration to onshore and international opportunities, Dave Lesar, chief executive of Halliburton Co. (HAL), said Monday. "Gulf activity may also remain restrained after the drilling suspension as operators need to adjust to more stringent drilling and permitting requirements," Lesar said during a conference call to discuss the company's second-quarter earnings. The oil field services provider has begun moving some equipment abroad and deploying some of its workers in the U.S. Gulf to its onshore operations. However the company is planning on keeping much of its infrastructure in the Gulf intact for when activity picks up again. The executive noted that some international drilling projects are experiencing short-term delays because its customers are re-examining their processes since the BP PLC (BP, BP.LN) oil spill. The deepwater drilling suspension is expected to have a negative impact of 5 to 8 cents on Halliburton's earnings per quarter for the rest of 2010. -By Jason Womack, Dow Jones Newswires; 713-547-9201; [email protected] Order free Annual Report for Anadarko Petroleum Visit http://djnewswires.ar.wilink.com/?link=APC or call 1-888-301-0513 Order free Annual Report for BP plc Visit http://djnewswires.ar.wilink.com/?link=BP or call 1-888-301-0513 Order free Annual Report for Transocean Inc. Visit http://djnewswires.ar.wilink.com/?link=RIG or call 1-888-301-0513 Order free Annual Report for Anadarko Petroleum Corp Visit http://djnweurope.ar.wilink.com/?ticker=US0325111070 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 19, 2010 09:55 ET (13:55 GMT)