Operations activity and outlook
We spent $77 million on development and exploitation activities, drilling and completing 43 gross (18.9 net) operated wells in the fourth quarter 2012, compared with 38 gross (18.2 net) operated wells during the third quarter 2012. In addition, we participated in 1 gross (0.2 net) well operated by others (OBO) during the fourth quarter 2012. We had an overall drilling success rate of 98% for the fourth quarter 2012. Our total capital expenditures, including leasing and net of acreage reimbursements from BG Group, were approximately $125 million in the fourth quarter 2012 and approximately $500 million for the full year 2012. We spent $403 million of net capital on full year 2012 development and exploration activities as we drilled and completed 175 gross (76.0 net) wells during 2012.
Our actual capital expenditures for the fourth quarter 2012, the full year 2012 and our 2013 capital budget are presented in the following table:
|(in thousands)||Fourth Quarter||Full Year||2013 Budget|
|Gas gathering and water pipelines||39||1,044||1,000|
|Lease acquisitions and seismic (1)||37,925||47,025||17,000|
|Corporate and other||5,264||24,494||16,000|
(1) Net of acreage reimbursements from BG Group totaling $2.1 million during 2012.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts