Stone Energy 1Q16: Most Marcellus Production Still Closed Down

Stone EnergyStone Energy, an independent oil and natural gas exploration and production company (E&P) headquartered in Lafayette, Louisiana drills mainly in the Gulf of Mexico but also has a presence in the Marcellus/Utica Shale with 75,000 acres of leases. Last year Stone quit drilling in the northeast and actually shut-in part of their production due to low prices (see Stone Energy 3Q15: Shut Down 110 Mmcfe/d of Marcellus Production). Yesterday Stone issued an operational (not financial) update for first quarter 2016. According to the update, Stone continued to keep production from their “Mary field” shut in while other Marcellus production limped along at 23 million cubic feet per day (MMcf/d). Another salient fact to keep in mind: last year Stone lost more than $1 billion (see Stone Energy 2015: $1.1 Billion Loss, Quit Drilling in Marcellus). Here’s the latest from Stone Energy…

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