XTO Sets 2008 Development Budget at $2.6 Billion
XTO Energy has approved a 2008 capital budget for development and exploration expenditures of $2.6 billion. An additional $400 million has been budgeted for the construction of pipeline infrastructure and compression and processing facilities. With these expenditures, the Company plans to increase 2008 production volumes by 17% over 2007 levels.
During the year, XTO Energy expects to drill about 1,160 wells (980 net) and perform approximately 750 (600 net) workovers and recompletions. Activities in its Eastern Region will be allocated $850 million. The Barnett Shale Region will utilize about $700 million. Programs in the Permian District are expected to utilize another $425 million. The San Juan, Raton, Uinta and Piceance basins combined will be allocated $300 million. The Arkoma Basin and Mid-Continent properties will be allocated $200 million. Finally, the Company will target $125 million for exploration events.
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