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El Paso going back to basics.(Company Briefs)(Company Profile)
Publication: Oil and Gas Investor Publication Date: 01-AUG-04 Author: Taylor, Bertie ; Haines, Leslie
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COPYRIGHT 2004 Access Intelligence, LLC.
Houston-based diversified energy company El Paso Corp. has unveiled its long awaited revised strategic plan lot its E&P business, emphasizing a focus on returns and reduced risk. There will be a significant change in the types of wells the company drills and in its capital-allocation choices.
This comes in the wake of having to reduce its rig activity significantly during the past few months, from 19 operated rigs working to 12. It also has reduced its proven oil and gas reserves estimate by 40%, and more recently, it cut 17% of...
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