Southwestern Energy (SWN) reported earnings for the first quarter of 2010, and held a conference call to discuss the results. The company continues to build out its position in the Marcellus Shale in Pennsylvania and is currently drilling its second well.
“In Pennsylvania, we have approximately 151,000 net acres in Pennsylvania, prospective for the Marcellus Shale. We're currently drilling our second well for 2010, the Ferguson Keesling 1H[ph] in Bradford County. We plan to compete both wells drilled to date during the second quarter and that should be on production as early as June. At least 15 wells are expected to be drilled by Southwestern in 2010.”
“JV probably in the Marcellus isn't really high on our list. JV almost anywhere is not real high on our list because there's a lot of operational and a lot of people issues that go with all of that. So while we're kind of interested in what's going on and prices keep going up, which values our acreage higher, we're not really looking for JVs at this point in time.”
Source: Seeking Alpha
Comments