XTO sets $2.6 billion E&P budget for 2008

XTO Energy Inc. has set a capital budget for development and exploration of $2.6 billion for 2008 compared with its 2007 budget of $2.4 billion.

By OGJ editors
HOUSTON, Nov. 20 -- XTO Energy Inc. has set a capital budget for development and exploration of $2.6 billion for 2008 compared with its 2007 budget of $2.4 billion.

The 2008 budget includes another $400 million for the construction of pipelines, compression equipment, and processing facilities.

Next year XTO expects to drill about 1,160 wells (980 net) and perform 750 (600 net) workovers and recompletions. The company will target $125 million for exploration.

XTO has oil and natural gas properties in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana, Mississippi, and Montana.

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