ATP Oil & Gas cuts 2008-09 drilling budget

By OGJ editors
HOUSTON, Oct. 8 -- ATP Oil & Gas Corp., Houston, said it plans to cut more than $200 million from its capital expenditure budget for the rest of 2008 and 2009.

T. Paul Bulmahn, ATP chairman and chief executive, said the reduction is "prudent" due to the current economic and financial climate. Because ATP operates 100% of its current developments it can accelerate or defer projects in accordance with market conditions.

"We completed our most recent financing in June,…which provided us the strength and flexibility to withstand these volatile markets," said Bulmahn. ATP completed its development plans at High Island A-589 and South Marsh Island 190 and expects both projects to be in production this quarter. Its development plans for Morgus and Mirage in the Gulf of Mexico and Wenlock in the North Sea are progressing on schedule and should add new production in 2009.

"We expect to grow production and cash flow in 2009. The reduction to our capital expenditure budgets will impact production in the latter part of 2010 and beyond. Additional information about our revised developments will be provided as the details of our reduced capital program are finalized and implemented," Bulmahn said.

Related Articles

ATP finds more sands, thicker pay at Mirage

09/09/2009 ATP Oil & Gas Corp., Houston, said the No. 3 well at its Mirage field on Mississippi Canyon Block 941 in the deepwater Gulf of Mexico found thi...

ATP negotiating to sell certain assets

10/08/2008 ATP Oil & Gas Corp. said it is negotiating with various potential buyers for selected properties.

ATP acquires interest in Green Canyon blocks

07/02/2008 ATP Oil & Gas Corp. acquired a 55% working interest in the Gulf of Mexico's Green Canyon Blocks 299 and 300, collectively known as Clipper.

ATP makes executive promotions

05/26/2008 ATP Oil & Gas Corp. promoted Leland E. Tate to president of the company. Tate served as chief operating officer since August 2000. Prior to joining...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected