Petrohawk Energy Corp., Houston, (NYSE: HK) is evaluating the sale of conventional assets in its Permian Basin region, according to the company.
These properties include interests in Waddell Ranch, Sawyer, Jalmat and TXL fields of West Texas and southeastern New Mexico. The Permian Basin properties currently produce approximately 35 million cubic feet equivalent per day.
Petrohawk announced the planned divestitures in conjunction with its plan to reduce its 2009 capital budget by a third and reallocate spending to more heavily weight projects with the highest internal rates of return and highest potential for reserve growth, primarily development in the Haynesville and Fayetteville shales. The 2009 capital budget is reduced to $1 billion, revised from a previously announced budget of $1.5 billion.
“The company has no current plans or need to access the equity capital markets,” it reports.
Recommended Reading
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
M4E Lithium Closes Funding for Brazilian Lithium Exploration
2024-03-15 - M4E’s financing package includes an equity investment, a royalty purchase and an option for a strategic offtake agreement.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
California Resources Corp. Nominates Christian Kendall to Board of Directors
2024-03-21 - California Resources Corp. has nominated Christian Kendall, former president and CEO of Denbury, to serve on its board.