Williams Cuts Natural Gas Production on West Slope

May 6th, 2010
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Posted by Staff

Tulsa-based Williams Cos. said its Piceance Basin natural-gas production was reduced over the past 12 months by 11 percent to 632 million cubic feet a day in the first quarter of 2010.

While still well below what the industry is hoping for, net prices for NG production in this country rose to $5.01 per thousand cubic feet in the first quarter of this year, compared with $4.21 for the same period last year. Exploration and production adjusted earnings rose 41 percent to $162 million in the first quarter, compared with a year earlier, the company said.

Williams officials said there would be a 7 to 10 percent expansion in overall production this year.

After running seven rigs in the Piceance last year, Williams is currently operating 10 rigs and plans to complete 70 wells that were closed in last year, according to Ralph Hill, senior vice president for exploration and production, during an analysts call Wednesday.

Because of charges in the restructuring of pipeline and midstream operations into a new entity, Williams Partners LP, the energy company reported a $193 million loss for Q1 of this year.

Filed Under: ARCHIVES • Corporate News • Western Slope

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