XTO Energy Inc. (NYSE:XTO) has announced that its Board of Directors has approved a 2007 capital budget for development and exploration expenditures of $2.4 billion. An additional $200 million has been budgeted for the construction of pipeline infrastructure and compression and processing facilities. With these expenditures, XTO Energy plans to increase production volumes by 10% over 2006 levels.

According to a press release today by XTO Energy, the company expects to drill about 1,150 wells (978 net) and perform approximately 655 (509 net) workovers and recompletions throughout the year. Activities in its Eastern and Barnett Shale Regions will each account for about $800 million, or a total of $1.6 billion. The San Juan, Raton and Uinta basins combined will be allocated $240 million. Programs in the Permian District are expected to utilize another $290 million. The Arkoma Basin and Mid-Continent properties will be allocated $150 million. Finally, the Company will target $120 million for exploration events.

XTO Energy Inc. is a domestic energy producer engaged in the acquisition, development and discovery of quality, long-lived oil and natural gas properties in the United States. Its properties are concentrated in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana and Mississippi.