2013 Guidance

The 2013 Capital Program of $770 million is focused on the development of our oil and liquids rich gas plays in three key areas: Greater Olds/Garrington (light oil and liquids rich gas), Swan Hills (light oil) and the first 12,500 Bbl/d commercial phase of Lindbergh (thermal bitumen project). 

Execution of the 2013 capital program is expected to generate full year average production of between 82,000 and 84,000 boe per day. 

Highlights of the 2013 capital program include:

  • $300 million of capital expenditures to the first 12,500 bbl/d commercial phase of the Lindbergh thermal bitumen project.
  • $470 million of non-thermal capital expenditure program, with $332 million directed to light oil and natural gas liquids in its Greater Olds and Swan Hills core areas. We plan to divest of up to $700 million in assets in 2013 to improve our financial flexibility and funding capability for Lindbergh in 2013 and 2014.
2013 Guidance*
Production Volumes (boe per day) 82,000 - 84,000
Royalty Expense (% of sales) 17.0
Operating Costs ($ per boe) $15.70
General and Administrative Expense ($ per boe)** $3.50
Capital Expenditures ($ millions)*** $770

*Guidance incorporates the impacts of asset dispositions announced on July 16, 2013
**Includes $0.47/boe of non-cash G&A
*** Includes $300 million at Lindbergh