|
|
| |
| Fri, Sep. 5, 2008 |  |
 |
|
||
| |
Fayetteville Shale powers Southwestern Energy profits up 52 percent Friday, Nov 2, 2007 Arkansas News Bureau LITTLE ROCK - The Fayetteville Shale again proved profitable for Southwestern Energy Co., which saw third-quarter net income rise 52.2 percent since last year to $51 million. Diluted earnings per share rose a dime to 30 cents per share, the company announced late Wednesday. Natural gas and crude oil production also rose 56 percent, up to 30 billion cubic feet compared to 19.3 billion cubic feet in the comparable quarter. "In our Fayetteville Shale play, we are drilling better wells than we were a few months ago," Southwestern CEO Harold Korell said. "Production volumes have followed suit, with our gross operated daily production from the Fayetteville Shale rising to approximately 260 million cubic feet per day on Oct. 22, up from approximately 200 million cubic feet per day at the end of July." Revenues for the Houston-based natural gas company rose to $297.6 million compared to $168.4 million a year ago. As of Sept. 30, Southwestern had drilled and completed 392 operated wells in the Fayetteville Shale play, an increase of 89 during the past three months. The wells are located in 35 separate pilot areas located in eight Arkansas counties, the company said. The company still has 19 drilling rigs operating in the play, the same level of activity since June 30. At the end of September, the company held approximately 902,000 net acres in the Fayetteville Shale play area. Southwestern has said it had planned on investing approximately $950 million in the play during 2007. Shares of Southwestern Energy Co. (NYSE: SWN) closed Thursday at $54.13, up $2.40 for a 4.6 percent gain. |
