•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    EXCO plans $976M budget for 2011

    EXCO Resources (NYSE: XCO) plans to spend $768.9 million on drilling and completions in 2011 as part of a $976.2 million total budget. 

    The plan contemplates 22 operated drilling rigs running in the Haynesville Shale play, split between north Louisiana (15 rigs) and the Shelby Trough area (7 rigs) in east Texas, 4 rigs drilling in the company’s Appalachian JV with BG Group, and 2 rigs drilling in the Permian. 

    East Texas/North Louisiana JV
    The company plans to spend $757 million net to EXCO within its East Texas/North Louisiana JV with BG Group, of which $683.0 million will be spent for drilling and completion costs, $29.8 million for lease acquisitions, $41.8 million for operations projects, and $2.4 million for seismic data acquisition.

    The Haynesville drilling program is expected to satisfy the company’s lease obligations during 2011. No detailed production guidance is given but the company cites a 40% production growth target. 

    Permian Division

    Roughly $53.4 million will be spent in the Permian Division. Within this budget, $48 million will be spent to drill and complete 72 gross (69.8 net) operated wells. The target zones include Clearfork, Wolfcamp, Canyon and Fusselman formations. The company's net oil production in the region has grown by more than 30% during 2010. 

    Appalachia JV
    The capital budget program net to EXCO for the Appalachia JV with BG Group totals $82.7 million, of which $37.8 million will be spent to drill and complete 52 gross (16.7 net) operated horizontal Marcellus shale wells and drill 12 gross (6.0 net) horizontal Marcellus shale appraisal wells. Other spending includes $25 million for lease acquisitions, $13.5 million for operations projects, and $6.4 million for seismic data acquisition.

    Source:  EXCO Resources, Global Hunter Securities

    Related Articles

    Oxy to build new Permian Basin office complex

    08/28/2014 Occidental Petroleum Corp. (NYSE: OXY) has begun construction on a new office complex in Midland, Texas, that will serve as the center of the company’s oil and gas operations in the Permian Basin.

    Vaquero gets equity commitment from Yorktown

    08/22/2014 Vaquero Midstream LLC has received a substantial equity commitment from Yorktown Energy Partners LLC. Vaquero offers customers a full suite of integrated crude oil and natural gas midstream service...

    Intervale Capital acquires Recapture Solutions

    08/19/2014

    Intervale Capital has acquired Recapture Solutions LLC from Triten Corp. 

    PennTex to build gathering, processing platforms in Permian and Lousiana

    08/18/2014

    PennTex Midstream Partners LLC has signed two separate midstream transactions to build two significant gathering and processing platforms in the Permian Basin and Northern Louisiana.

    Oilfield water management

    08/11/2014

    Today, much more attention is being paid to issues surrounding the management of oilfield water used in upstream oil and gas operations.

    More Oil & Gas Financial Articles

    Oxy to build new Permian Basin office complex

    Thu, Aug 28, 2014

    Occidental Petroleum Corp. (NYSE: OXY) has begun construction on a new office complex in Midland, Texas, that will serve as the center of the company’s oil and gas operations in the Permian Basin.

    Vaquero gets equity commitment from Yorktown

    Fri, Aug 22, 2014

    Vaquero Midstream LLC has received a substantial equity commitment from Yorktown Energy Partners LLC. Vaquero offers customers a full suite of integrated crude oil and natural gas midstream services, including gathering, treating, processing, compression, liquids handling, and transmission.

    Intervale Capital acquires Recapture Solutions

    Tue, Aug 19, 2014

    Intervale Capital has acquired Recapture Solutions LLC from Triten Corp. 

    PennTex to build gathering, processing platforms in Permian and Lousiana

    Mon, Aug 18, 2014

    PennTex Midstream Partners LLC has signed two separate midstream transactions to build two significant gathering and processing platforms in the Permian Basin and Northern Louisiana.

    Oilfield water management

    Mon, Aug 11, 2014

    Today, much more attention is being paid to issues surrounding the management of oilfield water used in upstream oil and gas operations.

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ