Stone Energy Corporation, an independent oil and natural gas company, is engaged in the acquisition, exploration, exploitation, development, and operation of oil and gas properties. The company has expanded its reserve base outside of the conventional shelf of the Gulf of Mexico (the ‘GOM’) and into the more prolific reserve basins of the GOM deep water and GOM deep gas, as well as onshore oil and gas shale opportunities, including the Marcellus Shale in Appalachia. As of December 31, 2013, its estimated proved oil and natural gas reserves were approximately 864 billion cubic feet of gas equivalent. Properties As of February 25, 2014, the company’s property portfolio consisted of 47 active properties and 123 primary term leases in the Gulf Coast Basin (onshore and offshore), 4 active properties in the Appalachia region, and 1 active property in the Eagle Ford Shale formation and undeveloped acreage in Canada and the Rocky Mountain region. The company serves as operator on 75% of its active properties. GOM — Deep Water: The company made two acquisitions that included two deep water platforms, producing reserves, and various leases. It has also utilized subsea tie-backs in the deep water on new drill wells. Appalachia: As of December 31, 2013, the company had leasehold interests in approximately 94,000 net acres. During 2013, it drilled a total of 30 horizontal Marcellus Shale wells and had 103 wells on production. GOM — Deep Gas: The company made two onshore south Louisiana deep gas discoveries and a GOM shelf deep gas discovery. Additionally, it has identified other deep gas opportunities in south Louisiana and the GOM shelf, which are defined as prospects below 15,000 feet. GOM — Conventional Shelf: The company intends to generate cash flows from existing reserves through workovers and recompletions of existing wells and the application of other techniques designed to add production to help mitigate some of the natural decline of the GOM conventional shelf. Onshore Oil: The company maintained working interests in various undeveloped plays, which totaled approximately 118,000 net acres (including 31,000 undeveloped acres in Canada) as of December 31, 2013. Customers During the year ended December 31, 2013, Phillips 66 Company and Shell Trading (US) Company accounted for approximately 35% and 33%, respectively, of the company’s oil and natural gas revenue. Dispositions In January 2014, the company sold its interest in the Hatch Point field in Utah, representing approximately 35,000 net acres. Regulation Certain operations that the company conducts are on the U.S. federal oil and gas leases, which are administered by the Bureau of Land Management and the Bureau of Ocean Energy Management. History Stone Energy Corporation was founded in 1993. The company was incorporated in 1993 as a Delaware corporation.
stone energy corp (SEQ:Berlin)
625 East Kaliste Saloom Road
Lafayette, LA 70508
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