XTO earmarks $850M for exploration and development activities in 2005 - January 23, 2005

Providing coverage of Alaska and northern Canada's oil and gas industryJanuary 2005

Vol. 10, No. 4

Week of January 23, 2005

XTO earmarks $850M for exploration and development activities in 2005

Independent producer XTO Energy has approved a capital budget to cover anticipated 2005 exploration and development expenditures of $850 million, up about 40 percent from last year’s $600 million.

The company said Jan. 17 that it expects to drill 735 wells and perform about 540 well workovers and re-completions in 2005.

East Texas and Louisiana will account for $400 million of the 2005 capital budget, while Barnett Shale development in north central Texas will account for $170 million, XTO said. Additionally, $85 million has been allocated to the San Juan, Raton and Uinta basins combined. Programs in the Permian basin are expected to get $85 million. And the Arkoma Basin and U.S. Mid-Continent will get a combined $80 million, the company said.

XTO said it expects the company’s year-end 2004 proved reserves to exceed 5.8 trillion cubic feet of gas equivalent.

—Ray Tyson

Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
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