Petrohawk to Cut Spending, Realocate Funds to Fayetteville Shale | Green Arkansas

Wednesday, October 1, 2008

Petrohawk to Cut Spending, Realocate Funds to Fayetteville Shale

Posted By on Wed, Oct 1, 2008 at 11:49 AM

Last week, Chesapeake Energy announced a cut-back in spending on natural gas operations by 17 percent.  Now, Petrohawk Energy Co. of Houston, TX, has announced they will cut their capital budget by one third (half a billion dollars) and reallocate funds to the Fayetteville and Haynesville shale areas.  Natural gas has dropped below $8 per million cubic feet.  Accoding to gas producers, gas has to stay at that level for the Fayetteville Shale operations to remain profitable.

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