Burlington Resources Inc. announced that its Board of Directors has authorized a stock repurchase program, providing for the Company to invest up to $1 billion in its common stock.
The Company intends to repurchase the shares in the open market and will determine the timing and amount of shares to be purchased based on an ongoing evaluation of market and business conditions.
As of September 30, 2000, the Company had 215,357,074 common shares outstanding.
In a separate action, the Board of Directors approved the Company's 2001 capital budget of roughly $1.1 billion, excluding unidentified acquisitions, up over 10 percent from comparable expected capital spending in 2000.
The 2001 capital program will focus on high impact exploitation and development projects in core areas such as the San Juan Basin, the Madden Field, western Canada, the East Irish Sea and Algeria.
Approximately 20 percent of the 2001 base program will target focused domestic and international exploration.
© 2000 Mena Report (www.menareport.com)