Southwestern Energy Still Looking for Utility Buyer

Just in time for unseasonably cold weather in Northwest Arkansas, Southwestern Energy Co. president and CEO Harold Korell announced that the company had yet to find a suitable buyer for its remaining natural gas utility, Arkansas Western Gas Co.

Southwestern Energy hasn’t received any reasonable offers during the utility’s six months on the market, Korell said, but several “logical buyers” were unable to immediately purchase Arkansas Western Gas because of other, ongoing projects.

Korell refused to name the asking price for the utility.

While the utility portion of Southwestern Energy seems temporarily on hold, the oil exploration and production portion continues to develop. During 2001, the company plans to invest $75 million to further the E&P business, compared with this year’s $68 million investment.

Current E&P projects designated to split the money are the Arkoma Basin, Permian Basin and East Texas projects, and the Gulf Coast venture.