COASTAL INCREASES BUDGET
Rigzone.com
The Coastal Corporation announced that it is increasing its 1999 capital budget for exploration and production to $880 million from $590 million. ``The $290 million increase for Coastal Oil & Gas Corporation is a direct result of recent strength in natural gas prices,'' said David A. Arledge, chairman, president and chief executive officer of The Coastal Corporation. Some $190 million of the increase is earmarked for acquisitions and $100 million is for additional drilling and well workover programs.
``Coastal is minimizing risk in increasing its reserve base and production rates through acquisitions,'' Arledge said. ``In the meantime, drilling costs have remained at very reasonable levels. This increase in capital expenditures demonstrates Coastal's ability to respond quickly to market changes.''
Coastal's expanded budget will be dedicated to its three core areas: the Rocky Mountains, the onshore Gulf Coast of Texas, and the Gulf of Mexico.
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call