Burlington Resources Inc. said Thursday that it is upping its first quarter production guidance from the outlook provided earlier in the year. The company also reported that it has resumed repurchasing shares of its common stock under an existing $1 billion repurchase authorization.

Burlington said it estimates that its average daily natural gas production will achieve the upper half of the previously provided first quarter guidance range of 1,800-1,900 MMcf/d. In addition, the Houston-based producer said it believes that its natural gas price realizations for the quarter will average between $5.00-5.25/Mcf, including the impact of hedging and location differentials.

Burlington also upped it estimates on average natural gas liquids production to 60,000-65,000 b/d, exceeding the previous guidance range of 52,000-60,000 b/d. The company noted that oil production is expected to achieve the upper half of the previously estimated range of 35,000-38,000 b/d. Despite the upward revisions, Burlington said it has not revised its volumetric guidance estimates for the full year.

As part of the company’s stock repurchase program, Burlington said first-quarter repurchases are estimated to total approximately 1.7 million shares for $79 million, representing an average cost of about $45 per share. If this estimate holds true, it would raise cumulative repurchases to nearly 18 million shares, with approximately $230 million remaining under the current authorization.

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