Bill Barrett Corporation (NYSE:BBG) announced its expected capital expenditures for 2013, which mark a decrease over 2012 of $400 billion. They expect to focus on two oil drilling projects.
As quoted in the press release:
The production range of 83 to 87 Bcfe discussed above is based on two stream reporting of wellhead volumes of natural gas and oil/condensate production consistent with past reporting practices. Effective January 1, 2013, the Company intends to report its production volumes on a three stream basis, which separately reports natural gas liquids (“NGLs”) extracted from the natural gas stream and sold as a separate product. Based on three stream reporting, the production range is estimated at 86 to 90 Bcfe. NGLs are expected to be 6% of total production volumes.
Bill Barrett’s Chairman, President and CEO, Fred Barrett, said:
The past two years, our capital plans have concentrated on building exposure to two core oil development programs that provide our portfolio a better commodity balance and improved flexibility to drive growth from the highest return commodities.