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LL&E Announces 1995 Spending Plans.

NEW ORLEANS--(BUSINESS WIRE)--February 9, 1995--The Louisiana Land and Exploration Company (NYSE:LLX) ("LL&E") today announced that its Board of Directors approved a 1995 capital and exploration budget totaling $214 million.

Included in the budget is $97 million for exploratory activities; $95 million for development projects; $12 million for refining, processing and other activities; and $10 million for capitalized interest. The budget includes $13 million of seismic expenditures which will be recorded as an expense for financial reporting purposes.

LL&E said that nearly 80 percent of its 1995 exploration budget is allocated to domestic projects. Plans include an acceleration of 3-D seismic data acquisition and 3-D based drilling activities in south Louisiana and increased exploratory drilling in the Gulf of Mexico. In addition, the budget includes exploratory drilling projects in Algeria, Tunisia and Yemen.

Domestic development activities during 1995 will include the ongoing development of the Freshwater Bayou Field in south Louisiana, the Madden Field in Wyoming and several projects in the Gulf of Mexico. In total, domestic operations account for almost 60 percent of the development budget. International development activities will be focused on the T-Block complex in the U.K. North Sea and the KAKAP complex offshore Indonesia.

In 1994, LL&E's exploration expenditures totaled $90 million, including $17 million for expensed seismic, and its development spending amounted to $110 million. Expenditures for refining, processing and other activities totaled $35 million while capitalized interest was $22 million.

CONTACT: The Louisiana Land and Exploration Company, New Orleans

Suzanne Baer, 504/566-6888
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Publication:Business Wire
Date:Feb 9, 1995
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