Exco plans $710m spend in 2012

Cash splash: Exco lays out $710 million spending programme

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Luke Johnson

 17 November 2011 23:49 GMT

US player Exco Resources said it will spend $710 million in 2012 as the company ramps up activities in the Marcellus shale.

Of the total, $585 million of Exco's planned spending will go toward development and completion activities, the company said in a statement on Thursday afternoon.

Dallas-based Exco will fund its spending programme with cash flow from operations and available credit, as well as an estimated $50 million reduction in restricted cash, the company said.

As the company ramps up drilling in the Marcellus, it plans to decrease its activity in the Haynesville shale – where many of its ongoing operations exist – due to low natural gas prices.

Still, of the company’s 19 (on…

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