Burlington Completes Sale of Non-Core Assets
|Monday, December 16, 2002
Burlington Resources Inc. has completed its property divestiture program with the closing of the transfer of its Gulf of Mexico Shelf properties. During 2002, the company executed a total of $1.3 billion in property sale agreements. The sale of non-core assets also helped Burlington achieve an anticipated 10 percent improvement in unit cash operating costs (lease operating expense and overhead) from the 1st to the 4th quarter of 2002 and allowed the company to significantly accelerate the reduction of its net debt (long-term debt less cash on hand) to total capitalization. The assets remaining after the property sales are expected to achieve double-digit production growth in 2003, attributable to growth from Canada, as well as the contribution from several major project start-ups.