W&T Offshore, Inc. announced that its Board of Directors has approved a 2013 capital budget of $450 million.
Approximately 63 percent of the $450 million capital budget for 2013 is identified as exploratory drilling to drive organic growth of both reserves and production, with the remaining 37 percent of the budget directed to oil-focused development activities. We anticipate allocating 63 percent of the 2013 budget to projects in the Gulf of Mexico, both on the shelf and in the deepwater, and 37 percent to projects onshore in Texas.
Chairman and Chief Executive Officer Tracy W. Krohn stated, "In the past few years we have added new exploration projects to support our goal of achieving growth organically through the drill bit, as well as through acquisitions. In 2013 we are increasing our focus on exploration and building on recent successes. We have great news with our Yellow Rose project as we are pleased to report positive results in our horizontal drilling program in the Wolfberry; positive results in our 40-acre spacing pilot program; and production from the field is up 100 percent over last year at this time."
"Our 2013 capital budget of $450 million is designed with a balance of offshore shelf, deepwater and onshore exploration drilling activity to drive organic growth, plus a number of development projects focused on expanding our oil production. As usual, our budget does not include acquisitions, but we will continue to pursue acquisitions in this very active market to supplement our expected organic growth. As in the past, we expect to continue to drill within our cash flow."
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