Slide 18 of 19
- Rigs drilling for gas wells hit a weekly low point of 362 in mid April 1999.
- Gas rigs in operation have more than doubled since then, hitting a record of 879 as of December 29, 2000.
- The increasing number of resulting gas well completions have been expanding production in major producing States, such as Texas. We see some signs of improved production capability already in the US. Texas has expanded 1.2% through the first 9 months of 2000. Wyoming, the third largest producing State (by volume), has increased production by more than 10% during the first 8 months of 2000. However, these increased volumes are small relative to the increased demand we have experienced over the last year.