Stone Energy Corp. (NYSE: SGY) increased its capex, the company said Sept. 29.
The board of directors authorized the 2014 capex budget to be increased to $895 million from $825 million. This was due to “drilling successes” in the Utica, Marcellus and offshore in the deepwater Gulf of Mexico, the company noted.
The increase excludes “major divestitures and acquisitions” and interest, but the final amount is subject to change, the company added.
Lafayette, La.-based Stone Energy Corp. explores and develops domestic natural gas and oil.
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