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National Fuel - Exploration and Production
Seneca Resources Corporation explores for, develops and purchases oil and natural
gas reserves in the Gulf Coast Region of Texas and Louisiana, the Appalachian Region
and in California. Currently, Seneca's emphasis is centered around the Gulf Coast in
offshore waters.
1996 At a Glance
- Operating income nearly tripled to $46.4 million.
- Total production volumes nearly doubled to 49.2 billion feet equivalent.
- Weighted average natural gas and oil prices increase 41% and 21% respectively.
Outlook
- Increase production volumes 10-20% in fiscal 1997.
- Continued emphasis in the Gulf Coast region where we have an inventory of 27 undrilled offshore blocks.
- Spend about $25 million on additional 3-D seismic data over the next three years.