Southwestern Energy plans to boost its capital spending by an estimated8 percent to $2.6 billion next year, the company said Monday, marking a stark departure from the spending cuts other exploration and production companies have announced in recent weeks.
But unlike those companies, Houston's Southwestern focuses on natural gas. And it's betting big its commitment to the fuel will pay off in the long run. This year it expects a capital budget of $2.4 billion.
"These are exciting times at Southwestern Energy," CEO Steve Mueller said in a statement.
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The company recently said it planned to buy acreage from Statoil and Chesapeake Energy in Ohio, West Virginia and Pennsylvania. The two deals have a combined $5.3 billion price tag and include 443,000 net acres that primarily produce natural gas and natural gas liquids.
