Printer Friendly

MITCHELL BOOSTS NGL OUTPUT TO HIGHEST LEVEL IN COMPANY HISTORY

    MITCHELL BOOSTS NGL OUTPUT TO HIGHEST LEVEL IN COMPANY HISTORY
    THE WOODLANDS, Texas, Nov. 18 /PRNewswire/ -- Mitchell Energy & Development Corp. (AMEX: MND) has boosted its natural gas liquids (NGL) production to 50,000 barrels per day, the highest level in the company's history.
    The higher NGL production volume resulted primarily from an increase in Mitchell's interests in a joint venture which owns processing plants and gathering systems in Brazos and Burleson counties in East Central Texas.  The company's NGL production averaged 43,000 barrels per day in the first half of its current fiscal year and recently has been in the 48, 000-barrel-per-day range.
    The joint venture operates four gas processing plants and approximately 850 miles of gathering lines in the Burleson-Brazos area. Natural gas for the facilities comes mainly from the Austin Chalk, one of Texas' most active drilling plays.
    Mitchell's production increase comes at a time of high NGL prices and margins, according to Allen Tarbutton, president of the company's Transmission and Processing Division.  "Additional demand has been created by recently completed world-class petrochemical facilities in the Gulf Coast region. On top of that, we're entering the winter season, which places a higher demand on those NGLs that are used for fuel," Tarbutton said.  He noted that low natural gas prices have helped improve NGL margins, since the price of gas is the largest single cost component in processing.
    Mitchell Energy & Development Corp. is a large energy independent with sizable real estate interests.  The company is one of the nation's top producers of natural gas liquids -- ethane, propane, butanes and natural gasoline.
    -0-           11/18/91
    /CONTACT:  Tony Lentini or Debbie Siegfried of Mitchell Energy & Development, 713-377-5650/
    (MND) CO:  Mitchell Energy & Development Corp. ST:  Texas IN:  OIL SU: JT -- NY073 -- 4543 11/18/91 14:33 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1991
Words:299
Previous Article:RECESSION FEARS OFFSET LOW INTEREST RATES, HIGH INVENTORY AND DEPRESS LOCAL HOME SALES
Next Article:ROBERT KLUGMAN OF COORS BREWING COMPANY ELECTED AS FIRST-TIME A.N.A. BOARD MEMBER
Topics:


Related Articles
ORYX ACQUISITION TO BOOST CONOCO, MITCHELL NGL CAPACITY
Mitchell Reduces Natural Gas Liquids Output Due to Weak Gas Processing Margins
Mitchell Energy Expects Higher Second Quarter Earnings, Completes Major Improvements in North Texas.
Mitchell Energy to Buy Conoco's Interest in Jameson Plant.
Mitchell Energy Completes Plant Purchase, Reports Record NGL Reserves.
Mitchell Energy's Fourth-Quarter Earnings Surge to 71 Cents Per Share; Natural Gas Reserves and Sales at Record Levels.
Mitchell Energy Reports Record Quarterly Earnings; Double-Digit Volume Growth.
Mitchell Energy Expands North Texas Gathering Capacity Boosting Natural Gas Sales and NGL Production.
Mitchell Energy Takes Advantage of High Natural Gas Prices.
RUSSIA - Part 1 - Oil & Gas Production Stops Rising Or Might Be Beginning To Decline.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters