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East TX E&P Cuts Budget Down to $85MM; Defers Drilling Ops
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EXCO Resources, Inc. announced the spring borrowing base redetermination and full year 2016 capital program.
2016 Capital Budget OverviewThe Company continues to execute its disciplined capital allocation program to ensure the highest and best uses of capital. EXCO is focused on preserving its capital resources for future growth and, based on current natural gas prices, the Company has decided to significantly reduce its drilling activity in 2016. EXCO has reduced its total 2016 capital budget to $85 million, a reduction of $192 million, or 69%, as compared to 2015 capital expenditures of $277 million, and is deferring a significant amount of the Company's drilling inventory until commodity prices improve.
This is also a decrease from the company's November 2015 estimate of $105 million.
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