New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 30, 2014
16:17 EDTSGYStone Energy sells non-core GOM properties to Talos Energy Offshore
Stone Energy announced a definitive agreement to sell its non-core Gulf of Mexico, GOM, conventional shelf properties to Talos Energy Offshore for $200M in cash and assumed future undiscounted abandonment liabilities estimated at approximately $117M. These properties represented production volumes of approximately 57 MMcfe per day for the first quarter of 2014. The estimated proved reserves associated with these properties represented approximately 9% of Stone's year end 2013 estimated proved reserves. Stone will retain an option for a 50% working interest in the deep drilling rights on the properties. Chairman, President and CEO David H. Welch stated, "The sale of our non-core GOM shelf properties will allow us to further focus our efforts on GOM deep water, gulf coast deep gas and Appalachian projects, which we have targeted for our growth. We also retained the right to drill deep gas prospects on the divested properties. Our remaining conventional GOM shelf properties will consist of two core operated fields currently producing approximately 6,000 boe per day, which will allow us to better focus our human capital and financial capital. Together with the sale of our two onshore south Louisiana properties in late 2013 and first quarter 2014, we have sold approximately $300M in non-core GOM shelf properties with over $140M in future undiscounted abandonment liabilities." The effective date will be April 1 and the transaction is expected to close by early August, subject to customary closing conditions and adjustments. After the closing of this transaction, Stone will be providing updated 2014 guidance, which will adjust for the proposed divestiture.
News For SGY From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
January 27, 2015
05:20 EDTSGYTechnip awarded two subsea contracts in Gulf of Mexico by Stone Energy
Subscribe for More Information
January 20, 2015
16:36 EDTSGYStone Energy provides operational update
Subscribe for More Information
16:35 EDTSGYStone Energy reports FY15 capital budget of $450M
Stone's board has authorized a 2015 capital expenditure budget of $450M, which assumes planned sales of minority working interests in certain targeted assets. The budget also excludes acquisitions and capitalized SG&A and interest. The budget is allocated approximately 75% to Deep Water/Gulf Coast, 8% to Appalachia, 4% to Business Development and 13% to Abandonment expenditures. The capital budget and allocation of capital across the various areas is subject to change based on several factors, including commodity pricing, liquidity, permitting times, rig availability, regulatory, non-operator decisions and the sales of working interests in certain targeted assets. The Deep Water capital budget is focused on development and exploration drilling, facility installations for development work, completion operations, and seismic and lease acquisition. Stone expects to participate in drilling two non-operated exploration wells in 1Q15, drill the Cardona #6 well, and complete the Amethyst discovery well and install a flowline back to the Pompano platform. A portion of the budget is also allocated to the expected 4Q15 arrival of the platform rig for the Pompano platform drilling program. The Appalachia capital budget includes securing additional core lease-hold interests and drilling several Marcellus wells in the first quarter before releasing the Marcellus drilling rig. No further Marcellus drilling is projected for the rest of the year. Late in the 4Q15, Stone expects to receive a dual-purpose Utica/Marcellus rig for a 2016 drilling program that is capable of drilling in either shale formation. Capital dedicated to the GOM conventional shelf will be primarily used for recompletions, improvements to existing infrastructure and required plug and abandonment operations. For increased efficiencies, the conventional shelf and deep gas operating groups have been consolidated within the deep water operations. The remainder of the capital budget is focused on onshore business development opportunities.
16:33 EDTSGYStone Energy reports FY14 estimated proved reserves 152 Mmboe
Subscribe for More Information
16:33 EDTSGYStone Energy reports Q4 production 42.5 MBoe per day
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use