Southwestern Energy to Use Exploration Capital
by January 8, 2001 12:00 am 59 views
Fayetteville’s Southwestern Energy Co. announced on Dec. 28 that its business strategy for 2001 included a $75 million capital investment in its core exploration and production business. That compares with $68 million it drilled into that segment for 2000, a 10 percent increase year over year.
About $21 million of the company’s 2001 capital investment program will be allocated to the Arkoma Basin, $30 million to the Permian Basin and east Texas, and $24 million to the Gulf Coast in Louisiana.
CEO Harold M. Korell said the company had taken advantage of high commodity prices to hedge a large percentage of 2001’s production volumes. Korell added that the company’s effort to sell subsidiary Arkansas Western Gas Co., which would net it cash that could be used in E&P efforts, had yet to yield a reasonable offer.