Stone Energy Earmarks $400MM for 2010 Capex
Stone Energy announced that for 2010 the Board of Directors has authorized a capital expenditure budget of $400 million. This figure compares with a $300 million capital budget for 2009 and excludes material acquisitions and capitalized SG&A and interest. Approximately 25% of the capital expenditure budget is expected to be spent on Appalachian drilling and acreage acquisition; approximately 25% is planned for Gulf of Mexico (GOM) shelf exploitation and approximately 15% is for GOM workover/recompletion projects; approximately 15% is scheduled for GOM deep water and deep shelf expenditures; and the remaining budget is for facilities, abandonment projects, and miscellaneous exploration projects.
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