Burlington Resources Management Will Provide Investor Audience a Review of Performance and Growth Prospects
HOUSTON--(BUSINESS WIRE)--March 3, 2004--Burlington Resources Inc. (NYSE:BR)(TSX:B) today announced that it will provide to an audience of financial analysts and investors a review of management's perspectives on the company's multiyear outlook for production growth, exploration and development programs, cost trends, share repurchases and related topics. The review will take place during Burlington's 2004 Management Meeting with financial analysts and investors, which will occur in Houston on Wednesday, March 3, 2004. The presentations will also be available through the company's Web site (see information below). "We have just completed a record year of financial performance, and Burlington is now entering what we believe will be a period of accelerated production growth," said Bobby Shackouls, Burlington chairman, president and chief executive officer. "During the meeting we will affirm that for 2004 we expect to reach the upper end of our long-term average annual volume growth target range of 3 percent to 8 percent. We also expect to achieve cumulative production growth of 20 percent from now through 2006." Addressing the company's operational plans, Randy Limbacher, executive vice president and chief operating officer, said "We expect most of Burlington's production growth to come from several recently finished or soon-to-be-completed international development projects and from the North American properties in which we've achieved the competitive advantages that comprise our Basin Excellence business model. All of these topics will be discussed in detail during the meeting." Burlington also expects the performance of its assets to translate into strong financial results. "We anticipate generating substantial cash flow over and above our regular capital investment needs," said Steve Shapiro, executive vice president and chief financial officer. "This uncommitted cash would be available to increase our growth metrics through expanding our exploration and production capital investments, or making acquisitions or additional share repurchases." During the past three calendar years Burlington has repurchased nearly 23.7 million shares of its common stock, or 11.4 percent of the shares outstanding, followed by repurchases during 2004 to date that total a million shares. Approximately $700 million remains under the current repurchase authorization. The live audio Web cast of the meeting's presentations will occur Wednesday from 8 a.m. to 3 p.m. Central time, with a one-hour lunch intermission from 12 p.m. to 1 p.m. The presentations as well as the slides used can be accessed on the company's Web site (www.br-inc.com) by selecting the Investor Relations page, then the Live & Recorded Web cast page (www.br-inc.com/investor/investor_webcast.asp). That page will display links to the Web cast as well as the slides used in the presentation. A replay of the Web cast will be available from 5 p.m. Central time Wednesday through midnight on April 15, 2004, at the same Web address. Burlington Resources ranks among the world's largest independent oil and gas companies, and holds one of the industry's leading positions in North American natural gas reserves and production. Headquartered in Houston, Texas, the company conducts exploration, production and development operations in the U.S., Canada, the United Kingdom, Africa, China and South America. For additional information see the Burlington Resources Web site at www.br-inc.com.
FORWARD-LOOKING STATEMENTS
This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the company's periodic reports filed with the Securities and Exchange Commission. CONTACT: Burlington Resources Inc., Houston Financial: John Carrara, 713-624-9548 or Media: James Bartlett, 713-624-9354 www.br-inc.com
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