EPL Oil & Gas, Inc. announced its initial 2014 capital budget and outlook for the year.
2014 Capital Budget Overview
The Company currently plans to spend approximately $360 million on oil-dominated, lower-risk development activities in 2014. This initial budget will primarily fund the exploitation of the shallow section within EPL's Ship Shoal, West Delta, South Timbalier, and Main Pass core field areas. Capital spending is expected to be front loaded, intended to drive production growth and organic reserve replacement. The Company has continued its active drilling program from the fourth quarter of 2013, with 5 rigs currently working within its core field areas. EPL plans to have up to 8 rigs running throughout 2014, mainly consisting of jack-up and hydraulic workover rigs necessary to execute its capital program