Expenditure

Houston-based Goodrich Petroleum Corp. said Monday its preliminary 2011 capital expenditure budget is $225 million, a $30 million reduction from 2010 spending; however, production is expected to grow.

Williams Partners LP grabbed more business in the Marcellus Shale late Thursday after agreeing to pay Cabot Oil & Gas Corp. $150 million for 75 miles of gathering pipelines and two compressor stations in Susquehanna County, PA.

Analysts with Raymond James & Associates Inc. last week issued an updated exploration and production (E&P) capital expenditure (capex) survey, which indicates that spending should rise 25% this year over 2009. Many of the large caps in the survey, said the analysts, are positioned to ramp up onshore resource development, particularly the shales.

Analysts with Raymond James & Associates Inc. on Monday issued their updated exploration and production (E&P) capital expenditure (capex) survey, which indicates that spending will be up 25% this year over 2009. Many of the large caps in the survey, said the analysts, are positioned to ramp up onshore resource development, particularly the shales.

Analysts with Raymond James & Associates Inc. on Monday issued their updated exploration and production (E&P) capital expenditure (capex) survey, which indicates that spending will be up 25% this year over 2009. Many of the large caps in the survey, said the analysts, are positioned to ramp up onshore resource development, particularly the shales.

XTO Energy Inc. has sliced more than $1 billion from its 2009 capital expenditure (capex) plans because of low commodity prices and the oversupplied natural gas markets, the company said Tuesday. However, even with the cuts, 2009 gas-weighted production volumes are predicted to jump 14% over 2008 levels.

Natural gas explorer SandRidge Energy Inc. has drastically reduced its 2009 capital expenditure (capex) budget and plans to cut its U.S. onshore rig count to 12 by the end of the month, down from 47 rigs in September.

With an overall $1.9 billion capital expenditure program looming this year and next in its eight Midwest and West states, Minnesota-based Xcel Energy is focused on various key regulatory proceedings that will assure it recovery of the growing costs of its widespread infrastructure expansion programs, according to CFO Ben Fowke, who Wednesday reported strong second quarter earnings from continuing operations.

Despite weaker gas prices this summer because of the gas storage surplus, Raymond James’ mid-2006 exploration and production (E&P) capital expenditure survey last week indicated North American producers’ total spending in 2006, which includes exploration and development (E&D), acquisitions and stock buybacks, will increase 10-15%.