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“We’re approaching 2009 with extra saidVincent White, senior vice president of investoe relations for Oklahoma City-based “Thered is a real lack of visibility as to what deman will look like for oil and naturalp gas due to the uncertainty in the economy.” The year ahead shoulds bring lower revenue, cash flow and activity levels, said who added that his company is the largest U.S.-basef independent oil and gas producer. With a strongg balance sheet and structure asa low-cost producer, Devohn is prepared for lowerf demand, he said.
One brighgt spot: A drop-off in demancd should alleviate a shortfall of skilled personnel across the industrgy that has driven up salary he said. For Devon in particular, 2009 could present an opportunitu to add assets as priceslevel off. “Stronger players tend to be able to take bettee advantageof downturns,” he said. The good news for North Texaxs is thatthe company, the largest player in the Barnet Shale, remains committed to its vast operations there.
“That is one of the last placesz we’ll cut back,” says citing good rates of returj at the natural gas field and thesurrounding region’ s strong demand for the Another independent oil and gas producer, Fort Worth-based , said it shouled do well in 2009 because of a hedginv strategy that allows it to lock in prices for the year “We’ve prepared our company for the challenged of next year quite well,” said Gary vice president for investor relationas and finance at XTO.
And thankz to the company’s growth this year in acquisitions and production should continue torise — by 18% in 2009 comparex with 29% in 2008, he Meanwhile, one of the companieas that transports natural gas, , is keeping a close eye on production. “Asa a nation, our consumption of natural gas is actuallyquitw strong, although the economy has causedf it to go down slightly,” said CEO Kelcy The company owns the larges intrastate pipeline system in “I’m actually quite bullish for the natural gas but through early 2009, I’m he said. Energy Transfer Partners is in strong shapefor 2009, thanks in part to a stronfg liquidity profile, he said.
Although the company has made several recentcash acquisitions, he said don’t expecr it to make similar deals any time The likelihood of consolidation in the pipeline industry, however, means that “severap mid-stream (rivals) will look to us” for non-cash mergert deals, he said.
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