Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Think4Yourself who wrote (56596)	12/9/1999 4:25:00 PM
From: IndioBlues	Read Replies (1) of 95453

BR Announces Capital Spending Plans For Year 2000 HOUSTON--(BUSINESS WIRE)--Dec. 9, 1999--Burlington Resources Inc. (NYSE:BR - news) today announced its year 2000 exploration and development budget, which totals $1.0 billion. The year 2000 exploration and development budget of $1.0 billion represents a 26% increase over the estimated 1999 combined expenditures for BR and Poco Petroleums Ltd. of approximately $800 million. The 1999 and planned year 2000 capital expenditures are exclusive of acquisition capital. Exploration will account for approximately 34% of the total oil and gas capital or $340 million. The Company has allocated $665 million to development projects. Spending in North America accounts for approximately 70% of the total oil and gas capital or $705 million, with a significant portion allocated to Canadian exploration and development. BR plans to spend a total of $280 million in Canada in year 2000, a 31% increase over Poco's estimated spending in 1999. BR's plans include spending approximately $225 million in the international arena, with the largest amounts of capital allocated to the East Irish Sea and Algeria where significant exploration and development projects will be undertaken in year 2000. Bobby S. Shackouls, Chairman, President and CEO, commented: ``Our year 2000 budget is consistent with the Company's strategy of creating long-term shareholder value. The base provided by the low risk exploitation and development portion of our portfolio is well complemented by the numerous high potential opportunities that expose the Company to significant growth through exploration. We are particularly excited about the new opportunities in Canada we now have as a result of our acquisition of Poco Petroleums Ltd.'

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