Southwestern Energy Co. has upped its capital spending for 2008 to $1.7 billion from $1.46 billion, with most of the extra funding to be directed at its core leasehold, the Fayetteville Shale. The Houston-based independent also closed its sale of some noncore properties in the Arkansas shale to XTO Energy Corp. (see Daily GPI, April 4). The $518 million in proceeds is expected to fund the higher spending plan this year. Of the $245 million increase in planned capital investments, $153 million is dedicated to the Fayetteville Shale. The company now expects to participate in around 520 wells this year (75% operated), up from a previous guidance of 475 wells. About $30 million of the new capital is slated for more exploration in East Texas, $34 million is for gathering systems for the midstream operations and $28 million is for other projects. Southwestern also has increased its 2008 production guidance to 172 Bcfe from a previous forecast of 168 Bcfe, which would be 50% above its total 2007 production.
Directed
Articles from Directed
Wyoming Shut-ins Fail to Slow Ultra’s Gas Gains
Ultra Petroleum Corp. managed to increase its natural gas-directed organic production by 22% in 3Q2007, despite voluntarily shutting in about 12% of its production from wells in the Green River Basin of southwestern Wyoming. Now with the “probable likelihood” of an early start-up for the Rockies Express Pipeline Ltd. (REX), the company is readying to build on its growing reserves.
Newfield Pins Bulk of Exploration Budget on Midcontinent Success
Newfield Exploration Co. is budgeting $1.6 billion for its oil and natural gas projects this year, with the bulk of the budget to be directed at its growing Midcontinent development activities. The Houston-based independent also is forecasting double-digit organic production growth.
Newfield Pins Bulk of Exploration Budget on Midcontinent Success
Newfield Exploration Co. is budgeting $1.6 billion for its oil and natural gas projects this year, with most of the money directed at its growing Midcontinent development activities. The Houston-based independent also is forecasting double-digit organic production growth.
Wyoming Shut-ins Fail to Deter Ultra from 3Q Output Gains
Ultra Petroleum Corp. managed to increase its natural gas-directed organic production by 22% in 3Q2007, despite voluntarily shutting in about 12% of its production from wells in the Green River Basin of southwestern Wyoming. Now with the “probable likelihood” of an early start-up for the Rockies Express Pipeline Ltd. (REX), the company is readying to build on its growing reserves.
ANR’s Attempt to Retain Revenues from Storage Gas Sale Protested
ANR Pipeline should be directed to credit the net revenues from a sale of 2.6 Bcf of “excess” storage gas to its shippers rather than be allowed to keep them, ConocoPhillips Co. told FERC last week.
Devon’s Gas-Focused Production Jumps 16%, Profits Gain 5.2%
With a sharper focus on its North American operations, Devon Energy Corp. exceeded Wall Street forecasts, increasing its natural gas-directed production by 16% and upping its profits by 5.2% from a year ago.
Petrohawk Hits into Triple Play, Quadruples Fayetteville Leasehold
Natural gas-directed Petrohawk Energy Corp. made it a triple play last week, announcing it is selling its extensive Gulf Coast division, increasing its stake in the Fayetteville Shale and in North Louisiana, and forming a master limited partnership (MLP) to initially hold some of its mature domestic assets.
Petrohawk Hits into Triple Play, Quadruples Fayetteville Leasehold
Natural gas-directed Petrohawk Energy Corp. made it a triple play Monday, announcing it is selling its extensive Gulf Coast division, increasing its stake in the Fayetteville Shale and in North Louisiana, and forming a master limited partnership (MLP) to initially hold some of its mature domestic assets.
Burton Resigns MMS Post
Johnnie Burton, who has directed the Department of Interior’s Minerals Management Service (MMS) for five years, said she is leaving at the end of May. She plans to return to her home in Wyoming, she told Interior Secretary Dirk Kempthorne.
