PXP
Posted: Sat Dec 31, 2011 4:08 pm
Another company with a lot at stake in California is Plains Exploration (NYSE: PXP ) . Counting both its onshore and offshore assets, the company has 211 million BOE of proven reserves, with a total resource potential of 392 million barrels. This is good for 2,300-plus future drilling locations. The company hasn't disclosed how much of that acreage is conventional versus unconventional, but 1,900 of the drilling locations are in the San Joaquin Valley, the same area where Occidental and Venoco shot its joint 3-D seismic survey.
Going forward, Plains Exploration expects to spend $1.6 billion in capital expenditures next year, with 20% of that figure allocated to its California assets. So far, 116 gross wells have been planned for 2012, with 82 total in the main San Juan Valley area. The company's long-term operational plan in California is to go from about 40,000 BOE per day in 2012 to almost 60,000 BOE per day in 2017.
Full article:
http://www.fool.com/investing/general/2 ... ur-at.aspx
Going forward, Plains Exploration expects to spend $1.6 billion in capital expenditures next year, with 20% of that figure allocated to its California assets. So far, 116 gross wells have been planned for 2012, with 82 total in the main San Juan Valley area. The company's long-term operational plan in California is to go from about 40,000 BOE per day in 2012 to almost 60,000 BOE per day in 2017.
Full article:
http://www.fool.com/investing/general/2 ... ur-at.aspx