XTO Energy Sets 2005 Development Budget of $850 Million

XTO Energy's (NYSE: XTO) Board of Directors approved a 2005 capital budget for development and exploration expenditures of $850 million. The Company expects to drill 735 wells (560 net) and perform approximately 540 (400 net) workovers and recompletions throughout the year. Activities in its Eastern Region of East Texas and Louisiana will account for $400 million. Barnett Shale development in North Central Texas will be allocated $170 million. The San Juan, Raton and Uinta basins combined will be allocated $85 million. Programs in the Permian District are expected to utilize another $85 million. The Arkoma Basin and Mid-Continent properties will be allocated $80 million. Finally, the Company will target $30 million for exploration events.
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