Exploration & Production | Capital Markets | Capital Expenditure
Energen's 2013 CapEx to Focus on Cline Shale and Bone Spring Development
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Energen Corporation affirmed that its 2013 consolidated capital budget of $975 million will focus primarily on the exploration and development of its liquids-rich assets in the Permian Basin of west Texas.
Energen’s oil and gas exploration and production subsidiary, Energen Resources Corporation, plans to invest approximately $900 million in 2013, including some $745 million to continue developing the company’s vertical Wolfberry play in the Midland Basin, the horizontal 3rd Bone Spring sand in the Delaware Basin, and its conventional and waterflood properties in the Central Basin Platform.
Another $130 million will be deployed largely to test the horizontal Wolfcamp and/or Cline potential in the Midland Basin and the horizontal Wolfcamp potential in the Delaware Basin. Energen Resources…
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