St. Mary Land & Exploration Co. (SM), Wednesday provided its initial capital budget and production guidance for 2010.
For 2010, the company plans to spend $725 million for exploration & drilling, and non-drilling activities. The 2010 capital investment program is anticipated to be funded through cash flow from operations, anticipated proceeds from the previously announced divestiture of non-core oil properties in the Rocky Mountains, and, if necessary, the company's existing credit facility.
Looking ahead, the company expects fourth quarter production in the range of 270 to 285 MMCFE/d, and pro forma production of 242 to 257 MMCFE/d.
The company said it anticipates that pro forma production will bottom in the first quarter of 2010 and will grow on a sequential quarterly basis thereafter.
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