Bill Barrett To Reduce 2013 Capital Expenditures by $400 Million

Bill Barrett Corporation (NYSE:BBG) announced its expected capital expenditures for 2013, which mark a decrease over 2012 of $400 billion. They expect to focus on two oil drilling projects.

As quoted in the  press release:

The production range of 83 to 87 Bcfe discussed above is based on two stream reporting of wellhead volumes of natural gas and oil/condensate production consistent with past reporting practices.  Effective January 1, 2013, the Company intends to report its production volumes on a three stream basis, which separately reports natural gas liquids (“NGLs”) extracted from the natural gas stream and sold as a separate product.  Based on three stream reporting, the production range is estimated at 86 to 90 Bcfe.  NGLs are expected to be 6% of total production volumes.

Bill Barrett’s  Chairman, President and CEO, Fred Barrett, said:

The past two years, our capital plans have concentrated on building exposure to two core oil development programs that provide our portfolio a better commodity balance and improved flexibility to drive growth from the highest return commodities.

To view the whole press release, click here.