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Fortune – 10 best stocks for 2010 – Petrohawk Energy

Petrohawk’s CEO, Floyd Wilson, had already built and sold two other energy outfits, so it seemed likely that his new venture would be on the bidding block soon enough.
But about 1 1/2 years ago it found a way to tap the Haynesville Shale, a lucrative natural-gas play that until then had been too difficult to access. Petrohawk now controls more than 300,000 acres of land on top of the gas field and has throttled up production.
As a result, Petrohawk will stay profitable even if gas prices fall further, says Scott Glasser, manager of the Legg Mason ClearBridge Appreciation Fund, which owns Petrohawk shares: “You’ve got above-average production growth combined with low costs.” (Petrohawk has also protected itself with hedges through next year.)
Many producers, burdened by higher costs, have responded by trimming production. Petrohawk, by contrast, hopes to boost output by 43% in 2010.
To hit that target the company plans to spend $1.5 billion next year, up 32% from this year. That’s an ambitious goal, exceeding Petrohawk’s projected cash flow by $900 million, and some investors fear the company will issue more shares to raise capital (something it has done in recent years).
Fortune

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