Q4 production volumes averaged a record 676.7 million cubic feet equivalent (MMcfe) per day as compared to fourth-quarter 2011 output of 601.4 MMcfe per day. Oil production grew 28% to a record 35,099 barrels per day. Permian Basin oil production grew 42% to 27,091 barrels per day. Combined fourth-quarter 2012 Permian and Mid-Continent volumes hit an all-time high of 643.3 MMcfe per day, growing 21% over the same period in 2011. Fourth-quarter 2012 production volumes were 49% gas, 31% oil and 20% NGLs.
"Total co 2013 volumes are projected to average 675-705 MMcfe per day, an increase of 8-13% over 2012. Adjusting for the impact of property sales, growth for 2013 totals 10-15%. Liquids are projected to account for 51% of total equivalent production, up from 48% in 2012. Mid-Continent and Permian 2013 production volumes are projected to grow 11-15% over 2012, averaging between 652-673 MMcfe per day. Gulf Coast volumes are projected to average 23-32 MMcfe per day for 2013, or 4% of total estimated company volumes. In Q1, total co volumes are projected to average 642-667 MMcfe per day, a 6-10% increase over 2012. First-quarter 2013 Mid-Continent and Permian production volumes are projected to increase 12-15% over first-quarter 2012, to within a range of 620-639 MMcfe per day. Gulf Coast volumes are projected to average 22-28 MMcfe per day for the first quarter of 2013. FY13 capital expenditures are expected to range from $1.4-$1.5 billion. Nearly all the 2013 capital is directed towards drilling oil or liquids-rich gas in the Permian and Cana-Woodford. We have a large inventory of drilling opportunities, limited lease expirations and few service commitments. Actual amount invested will depend on our calculated rate of return which is significantly influenced by commodity prices."
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