St. Mary announces $725 million budget for 2010

By OGJ editors
HOUSTON, Jan. 6
-- St. Mary Land & Exploration Co. announced a 2010 total budget of $725 million, of which exploration and drilling is slated to receive $561 million.

The independent announced a $350 million budget for 2009 early last year, down more than 50% from the $758 million budget St. Mary initially forecast for 2008.

Tony Best, St. Mary chief executive officer and president, said the company will deploy “a meaningful amount of investment in our emerging resource plays, particularly in the Eagle Ford and Haynesville shales.”

The 2010 exploration and drilling budget allocates $216 million for Eagle Ford play, $89 million for the Haynesville play, and $89 million for the Permian basin.

St. Mary will operate 75% of the exploration and development capital it deploys during the year. The company plans to operate two drilling rigs continuously on its Eagle Ford interests in the South Texas counties of Webb, Dimmitt, and La Salle.

Best said St. Mary has increased efficiencies in the Eagle Ford drilling program, allowing it to increase activity without increasing rig count. St. Mary’s first operated well in Eagle Ford was drilled in 45 days while a recent well was drilled in fewer than 14 days.

The Eagle Ford play will account for 34 gross operated wells during 2010, and St. Mary plans to have 100% working interest on most of those wells.

About $24 million of the facilities budget will be deployed in the Eagle Ford play to expand infrastructure there. The facilities budget is separate from the exploration and drilling budget.

Related Articles

El Paso enters Texas Wolfcamp shale oil play

09/23/2010 El Paso Corp. has boosted its lease position to more than 135,000 acres in a Wolfcamp shale play in West Texas by submitting winning bids for 123,1...

Callon taps Newberry as senior vice-president

09/23/2010 Callon Petroleum Co., Natchez, Miss., has elevated Gary A. Newberry as senior vice-president, operations. He was vice-president of production and d...

Texas-West

09/23/2010 Callon Petroleum Co., Natchez, Miss., added a second drilling rig earlier this month in the Permian Basin Wolfberry development program, where resu...

DOE's latest CCS funding includes EOR project in West Texas

12/09/2009 The US Department of Energy will provide $350 million to support a project designed to capture carbon from a proposed electric power plant near Mid...

API: US drilling up slightly, but still below year-ago counts

10/13/2009 US oil and gas drilling activity rebounded somewhat from the previous 3-month period during 2009’s third quarter but remained substantially l...
White Papers

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


Cognitive Solutions for Upstream Oil and Gas

When Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

When Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


Emerson Micro Motion Videos

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