Exploration & Production | Capital Markets | Capital Expenditure
Exco Talks 2014 Spending; Plans Out Ops by Play
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EXCO Resources, Inc. has reported a 2014 capital budget of up to $368 million.
The $368 million capital budget, which was approved by our Board of Directors, includes $294 million allocated to development and completion activities. We believe the capital budget is appropriate for current commodity prices and our capital structure. EXCO estimates that the 2014 capital budget will result in an approximate 15% production decline year-over-year (at the midpoint of guidance) while increasing our exposure to crude oil. These capital expenditures exclude the EXCO/HGI Partnership, which funds its capital expenditures through internally generated cash flow and its credit agreement, and also exclude any capital expenditures for our Permian joint development, which is in early stages of evaluation.
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