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According to the rolling oil rig count by industry services giant Baker Hughes, the oil and gas industry is drilling as much under the first two years of President Barack Obama as it did under the first two years of George W. Bush.
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He was being sued for deceptive practices by Houston Monarch, a small oilfield services outfit that had tried to buy Baker Hughes' McMurry Oil Tools unit and use First Reserve as a lender.
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Baker Hughes, a Houston oil services company, pleaded guilty last year to making improper payments to secure work in Kazakhstan.
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This has driven down demand and pricing for pressure pumping services like fracking that are used to extract gas from shale rock formations, severely impacting margins of most large oil field firms including Baker Hughes.
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Halliburton competes with Schlumberger and Baker Hughes in providing these services to oil majors, national oil companies (NOCs) and independent energy firms.
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Duroc-Danner, 52, chief executive of Weatherford, the fourth-largest oil service company (after Halliburton, Baker Hughes and Schlumberger), with 25, 000 workers worldwide.
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But he said he likes the oil services sector, such as Schlumberger and Baker Hughes.
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Baker Hughes provides oilfield services, products, technology and systems globally to the oil and natural gas industry.
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Rising oil prices have helped oil firms such as Exxon Mobil, BP and Saudi Aramco fund increased development of new oil finds which translates into higher revenues for upstream services firms such as Baker Hughes.
FORBES: Baker Hughes Stock Looking At Gusher Up To $89
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He was being sued for deceptive practices by Houston Monarch, a small oilfield services outfit that had tried to buy Baker Hughes (nyse: BHI - news - people )' McMurry Oil Tools unit and use First Reserve as a lender.
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