Hughes Tool revised its oil-drilling estimates.
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The firm, which originally predicted oil drilling activity would increase this year, has lowered its 1985 estimates for the second time in nine months. The Houston-based manufacturer of oil-field equipment said the number of active rigs in the United States will drop 8% from 1984. The number of active rigs in the United States averaged 2,123 during the first four months, a 10.3% drop from the same period in 1984, Hughes spokesman Jim Montgomery said.
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