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With Q3 behind us, companies are in full planning mode for 2013. This docFinder Alert provides you with select early insights on 2013 capital expenditure plans and the impact on some of the country's best plays.
Slide above left is from Concho Resources - a rate of return driven and leading pure-play Permian-focused operator holding 750,000 net acres with over 10,600 drilling locations and producing over 85,000 boepd. Concho is planning a 2013 capex budget of $1.6 billion, of which 85% is for drilling, 8% for facilities and 7% (or about $112 million) for leasing. On the drilling side within the Permian, Concho's 2013 focus will be in the the Delaware basin (about $735 million) with 11 rigs running, followed by the Midland basin (about $340 million) with a 14 rig program and the New Mexico shelf portion (about $286 million) with a 5 rig program. Of the total 630 wells to be drilled, 422 (or 67%) will be horizontal. Concho expects this level of spending to result in a mid-range 2013 production number of 139,000 boepd - up about 60% from its Q3 average.
Slide above right is from Continental Resources - the self-proclaimed King of the Bakken and number one oil producer in the Williston basin who surpassed the 100,000 boepd milestone back in June. Continental also just released its stealth new play (codename SCOOP) as being the premium area of the Woodford shale in south central Oklahoma where it has managed to lease nearly 171,000 acres (23% HBP). Continental's longer term game plan calls for another triple in production to 300,000 boepd by 2017. As the slide above shows, for 2013 Continental is planning a $3.4 billion capital program ($2.9 billion to drilling). The program expects to increase its average rigs running from 33 in 2012 to 35 in 2013. The Bakken takes 66% of the drilling budget, SCOOP takes 15% and other development and exploratory works takes the remaining 19%. The 2013 budget is expected to increase production by 30% to 35% and drill a net 300 wells.
More HOT slides and data below.
Additional early reports of 2013 capital programs for select companies who provide more play insights are courtesy of Plains E&P, EOG Resources, Berry Petroleum, and Gulfport Energy.
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