William J. WayThank you, Steve. Good morning, everyone. In the Fayetteville Shale, we placed 131 operated wells on production in the second quarter resulting in net production of 121 Bcf, which is up from 116 Bcf in the first quarter and 107 Bcf a year ago, which was a new quarterly record for us. Our operated horizontal wells had an average initial production rate of 3.5 million cubic feet of gas per day, up from 3.3 million cubic feet of gas per day in the first quarter, an average completed well cost of $2.8 million per well and an average drilling time of 6.9 days during the quarter, which is the fastest quarterly drill time in the history of the play. We also placed 30 wells on production during the quarter that were drilled in 5 days or less.
Southwestern Energy Management Discusses Q2 2012 Results - Earnings Call Transcript
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