BR Announces Capital Spending Plans For Year 2000.HOUSTON--(BUSINESS WIRE)--Dec. 9, 1999-- Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas. Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth. Inc. (NYSE NYSE See: New York Stock Exchange :BR) 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 po·co adv. Music To a slight degree or amount; somewhat. Used chiefly as a direction. [Italian, from Latin paucus; see pau-1 in Indo-European roots.] 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 North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. 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 Irish Sea, arm of the Atlantic Ocean, c.40,000 sq mi (103,600 sq km), 130 mi (209 km) long and up to c.140 mi (230 km) wide, lying between Ireland and Great Britain. It is connected with the Atlantic by the North Channel and (on the south) by St. George's Channel. and Algeria where significant exploration and development projects will be undertaken in year 2000. Bobby S. Shackouls, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , 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." FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company's periodic reports filed with the Securities and Exchange Commission. |
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