EXCO Resources (XCO) has budgeted $585 million in 2012 to conduct drilling and completion operations across the company’s oil and gas properties. The company plans to spend $93 million of these funds in the Marcellus Shale for drilling and completion activities. This is an increase over 2011 spending levels.
EXCO Resources will spend an additional $13 million to acquire more leases and $22 million for other projects and seismic acquisition.
EXCO Resources plans to drill 55 gross or 13.2 net Marcellus Shale wells in 2012, and 16 gross or 6 net appraisal wells. The company will operate an average of five rigs in the Marcellus Shale in 2012, up from four rigs in 2011.