Rosetta Resources Raises 2013 Capital Expenditure Guidance
Rosetta Resources Inc. raised its 2013 capital guidance to $840 million to $900 million, from $640 million to $700 million.
The 2013 capital program is based on a five to six-rig program in South Texas and a Delaware Basin program with three rigs increasing to six rigs during the year.
Rosetta said about $600 million will be spent for development activities primarily located in the liquids-rich window of the Eagle Ford shale in South Texas, including about $55 million allocated to facilities projects. About $175 million will be allocated to operated and non-operated development activity in the oil-rich Delaware Basin, including about $7 million for facilities projects.
Last month Rosetta agreed to buy all of Comstock Resources Inc.'s oil and gas properties in the Reeves and Gaines counties of West Texas for $768 million, giving Rosetta exposure to the Permian Basin and a complement to its Eagle Ford properties.
On Monday, the company noted the guidance range now includes about $25 million of capitalized interest related to the pending acquisition. The remainder of the capital plan includes allocations for new ventures activity and other corporate capital.
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