Southwestern Energy Increases Marcellus Budget for 2012
Southwestern Energy just released their fourth quarter and year-end financial and operating results, along with a revised 2012 capital budget. In the Marcellus Shale, Southwestern spent $332 million to drill 45 wells in 2011. They have budgeted an increase in their Marcellus budget for 2012 to $526 million with plans to drill 80-85 wells.
From the relevant portion of the press release:
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A second court case decision in New York, this one in Middlefield (near Cooperstown) has ruled that local municipalities have the right to ban shale gas drilling within their borders. On Friday, Feb. 24 Acting Supreme Court Justice Donald F. Cerio, Jr. ruled that a previously passed drilling ban in the Town of Middlefield in Otsego County, NY is legal. A copy of the judge’s decision is embedded below. (Note: Thank you to an MDN reader for providing this exclusive copy of the decision that comes direct from the judge’s chambers.)
In 2011, Marcellus drilling expanded exponentially in Pennsylvania. According to the PA Department of Environmental Protection (DEP), companies drilled 2,755 Marcellus shale gas wells in Pennsylvania in 2011, up from 1,386 in 2010. That’s nearly a 200 percent increase (or doubling) in one year alone.