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COPYRIGHT 2005 Hart Publications, Inc.
Oil and Gas Investor: Describe the strategy that drives your company.
Shapiro: We believe in taking a balanced approach between production growth and financial returns. In fact, Burlington's returns rank among the highest in the large-cap independent sector, and we have committed to achieving between 3% and 8% average annual production growth over the long term. Last year, our production grew by 10%. So, our business model is working. We're heavily focused on North American natural gas with 85% of our production coming from North America and about 80% of that being natural gas and gas liquids. We're differentiated by a high-quality asset base that is concentrated in major fields. We call this concept "Basin Excellence," and it refers to having high local market share that in turn conveys a number of advantages that enable Burlington to be a differentially low-cost producer. We regard our relentless cost focus as a key part of the equation, along with the ability to apply our core engineering skills to operating large-scale, multi-year programs. The nature of our assets allows us to continually learn from our experience and add value as we go.
OGI: Describe your core drilling and production areas.
Shapiro: We're primarily focused in the Rocky Mountain Fairway from the San Juan Basin in the south up through Canada on the northern end. We're active in the San Juan, Williston and Wind River basins, plus in legacy positions in south Louisiana and the Anadarko Basin. In addition, we're particularly pleased with our newly established core areas in the Bossier trend and in the Barnett Shale, and its look-alike formations in other areas.
We also have a...
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