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MITCHELL SETS FISCAL 1993 CAPITAL BUDGET AT $220.8 MILLION

 MITCHELL SETS FISCAL 1993 CAPITAL BUDGET AT $220.8 MILLION
 THE WOODLANDS, Texas, April 28 /PRNewswire/ -- Mitchell Energy & Development Corp. (AMEX: MND) has set its consolidated capital budget at $220.8 million for the fiscal year ending Jan. 31, 1993. Expenditures amounted to $223.6 million last year.
 Chairman and President George P. Mitchell said the fiscal 1993 budget is in line with the company's intention to operate within its cash flow this year as part of an overall plan to improve its competitiveness and enhance shareholder value.
 At $76.5 million, the Exploration and Production Division's budget allocation is below its expenditures of $84.1 million last year. The reduction resulted primarily from the previously reported redirection of the division's efforts toward more emphasis on development drilling and producing property acquisitions and less on exploration activities pending improvement in natural gas prices.
 In addition to its consolidated budget, the Exploration and Production Division in fiscal 1993 will manage $50 million of expenditures planned by MEC Development, Ltd., a drilling partnership operated by Mitchell Energy. Comparable expenditures last year amounted to $49.5 million.
 Transmission and Processing Division expenditures for fiscal 1993 were budgeted at $53.3 million, up from $50.7 million of additions in the prior year. The division's largest capital project is an underground natural gas storage facility now being constructed near Beaumont, Texas. Initial operations at the storage facility are scheduled to begin in the current year.
 Real Estate Division additions were budgeted at $84 million, including capitalized holding costs, compared with outlays of $82.8 million last year. Principal areas of investment will be in residential lot development and in commercial and industrial projects at The Woodlands, the master-planned community the company is developing 27 miles north of downtown Houston.
 Corporate and other capital spending was allocated $7 million of the budget, up from expenditures of $5.9 million last year.
 Mitchell Energy & Development Corp. is a large independent producer of natural gas, natural gas liquids and oil. The company also is a major real estate developer in the Houston-Galveston region.
 -0- 4/28/92
 /CONTACT: Charles Simpson or Tony Lentini of Mitchell Energy & Development, 713-377-5650/
 (MND) CO: Mitchell Energy & Development Corp. ST: Texas IN: OIL SU:


SH -- NY051 -- 3687 04/28/92 10:49 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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