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Fayetteville shale increases Southwestern Energy profit.

Southwestern Energy Corp. of Houston reported first-quarter profit of $109 million, or 31 cents a share, up from $51 million, or 15 cents a share, for the same quarter last year.

The company, which has major holdings in central Arkansas' Fayetteville Shale Play, said quarterly revenue reached $524.1 million from $284.7 million.

The company said in a news release that most of the first-quarter growth was driven by success in the Fayetteville play and higher natural gas prices.

"We had a very active and productive first quarter," said Harold Korell, president and CEO. "Our results in the Fayetteville Shale continue to improve, resulting in strong growth in our production volumes. Gross operated production from the Fayetteville Shale reached approximately 400 MMcf per day at April 14, up from approximately 155 MMcf per day a year ago."

The company said that during the first quarter it invested about $285 million in the Fayetteville Shale Play, placing 76 operated horizontal wells on production.

Through March 31, Southwestern said, it has drilled and completed a total of 557 operated wells in the play. Of those, 493 are horizontal wells.
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Title Annotation:Public Company Reports
Publication:Arkansas Business
Date:May 5, 2008
Words:188
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