Burlington Resources Projects Flat Capital Investments of $1.5 Billion in 2004 and Provides Update on Natural Gas Hedging.

Energy Editors/Business Editors

HOUSTON--(BUSINESS WIRE)--Dec. 17, 2003

Burlington Resources Inc. (NYSE:BR)(TSX:B) today announced plans for capital investments of approximately $1.5 billion during 2004, compared to roughly $1.5 billion in currently projected 2003 capital investments. Totals for both years exclude acquisitions, which are currently projected at approximately $228 million in 2003. The company also announced that it has increased the volumes of future North American natural gas production that are hedged.

Approximately 85 percent of Burlington's 2004 capital budget is allocated for investments in North America, with the vast majority earmarked for natural gas development in the Rocky Mountain fairway in the lower 48 U.S. states and Canada. This compares to the allocation during 2003 of about 75 percent of capital to investments in North America.

Burlington will allocate about 15 percent of its 2004 capital investments to international projects, down from the 2003 allocation of about 25 percent, due to the impending completion of several major development projects. Production has already begun from these projects in Algeria and the South China Sea, and is expected to begin shortly from a project in the East Irish Sea.

Burlington expects to fund the entire 2004 capital investment program through internally generated cash flow.

"We remain very optimistic about our plans and programs. During 2004 we expect to generate production growth at the upper end of our previously announced guidance range of 3-to-8 percent in annual average long-term growth," said Bobby S. Shackouls, chairman, president and chief executive officer. "Meanwhile, the flat 2004 capital budget reflects our philosophy of maintaining consistent spending throughout commodity price cycles, rather than ramping activity up and down. We've proven that this measured approach delivers greater capital efficiency and differential financial returns."

During December, Burlington has hedged additional volumes of expected future natural gas production, primarily for the first quarter of 2004. To date these actions have added approximately 310 million cubic feet per day (MMcfd) of fixed-price contracts at a Henry Hub equivalent price of $6.57 per thousand cubic feet. Total hedged volumes are currently 790 MMcfd for the first quarter of 2004, and 187 MMcfd for the second quarter. Burlington's full hedge position is available on the Hedging Schedule page of the Burlington Resources Web site at http://www.br-inc.com/docs/hedge.pdf.

Burlington's estimated 2003 capital investments and the 2004 capital investment budget are shown below.

             Estimated 2003 Capital Investments (Millions)

                                          Other
                       U.S.  Canada   International  Total  Percent
Category
     Exploration        $58    $213         $37       $308      20
     Development        374     444         236      1,054      68
     Plants/Pipelines     4      21         126        151      10
     Other               14      17           3         34       2
                      ------------------------------------    -----
Subtotal               $450    $695        $402     $1,547     100
                                                              =====
     Acquisitions                                      228
                                                     -----
Total                  $450    $695        $402     $1,775
                      ====================================
Regional Percent         29      45          26


             Budgeted 2004 Capital Investments (Millions)

                                         Other
                        U.S.  Canada  International   Total  Percent
Category
     Exploration        $33    $165        $59        $257      17
     Development        463     543        140       1,146      77
     Plants/Pipelines    18      26         10          54       4
     Other               23       7          4          34       2
                      -------------------------------------   -----
Total                  $537    $741       $213      $1,491     100
                      =====================================   =====
Regional Percent         36      50         14

Headquartered in Houston, Texas, Burlington Resources is one of the world's largest independent oil and gas companies, with exploration, production and development operations in the U.S., Canada, the United Kingdom, Africa, China and South America. For additional information see the Burlington Resources Web site at www.br-inc.com.

FORWARD-LOOKING STATEMENTS

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.