Dec 18 (Reuters) - Southwestern Energy Co (SWN.N) said it expects its oil and gas production to grow about 48 percent in 2009, driven mainly by the company’s drilling activities in the Fayetteville Shale play.
The independent oil and gas company said it was targeting a net income of $565 million to $570 million for 2009, excluding special items.
It expects total oil and gas production of 280 billion cubic feet equivalent (Bcfe) to 284 Bcfe next year, compared with its 2008 production view of 190 Bcfe to 192 Bcfe.
Southwestern also said it planned capital investments of about $2 billion for 2009, including about $1.5 billion of investments in its Fayetteville Shale play in Arkansas.
“We expect to fund our 2009 investment program through the combination of our increased cash flow, over $200 million of cash on hand and modest borrowings under our $1 billion revolving credit facility,” Chief Executive Harold Korell said in a statement.
Korell added that in 2009 the company expects to participate in about 620 horizontal wells in the Fayetteville Shale play, up from the estimated 520 wells this year.
For alerts, please double click on [ID:nWNAB4515] (Reporting by Santosh Nadgir in Bangalore; Editing by Himani Sarkar)