EP Energy Corp. (NYSE: EPE) detailed its financial and operations outlook for 2014 on Feb. 10. Roughly $2 billion is in the year’s capex budget, the company said. The company is focused on its Eagle Ford, Wolfcamp and Altamont projects, where it expects to complete hundreds of wells, EP Energy said.

The 2014 capex budget is funded by a revolving credit facility of $2.5 billion that is “supported by its growing reserve base,” EP Energy said. The capex will also be supported by cash flows, the company added.

Out of the $2 billion capex budget, $1 billion will go to EP Energy’s activity in the central La Salle County area of the Eagle Ford, the company said. It plans to drill 265-290 wells this year, a 20% increase above 2013’s 231 wells, EP Energy said.

Almost $680 million is slated for Wolfcamp B and C, as well as Wolfcamp A wells, the company added. In the Uinta Basin’s Altamont field, the company will spend roughly $240 million on vertical wells and horizontal well tests, EP Energy said.

No drilling is currently planned for EP Energy’s roughly 37,000 acres in the core of the Haynesville shale, the company said. But, “in the event of higher gas prices,” the company “is well positioned” to pick drilling back up there, EP Energy added.

Overall, activity levels this year should increase about 20% over last year’s, with a 4% increase in capex spending over last year’s, the company said

Oil production may grow by about 40% over 2013’s production, to 50,000-54,000 barrels a day, the company said. Total production may grow by roughly 15%, at the midpoint of 2013 estimates, to 94.5-102.5 thousand barrels of oil equivalent per day (BOE/d), the company added.

All estimated oil and natural gas production is hedged, the company said. Oil is hedged at $97.70 per barrel, and natural gas is hedged at $4.02 per million cubic feet (MMcf), the company said.

"We start the year with an exciting future ahead as a new publicly-traded company, well positioned with a tremendous set of growth opportunities," said Brent Smolik, chairman, president and CEO.

"For 2014, we've meaningfully increased our planned activity levels, with only a modest increase in capital, as we continue to benefit from continued operational efficiencies in all of our core oil programs. We expect to generate significant oil volume growth along with higher asset values as we develop our extensive inventory of high-return opportunities,” he continued.

“Our cash flows have strong commodity price protection from our multi-year hedge program, with nearly all of our estimated 2014 oil production hedged at an average price of $97.70 per barrel. Looking ahead, we will continue our rapid growth; maintain our focus on improving efficiencies and returns, while growing the size and value of our future inventory of opportunities,” Smolik added.

The current year has $2.4 billion in available liquidity, pro forma for initial public offerings (IPOs), the company said.

EP Energy Corp., based in Houston, acquires, develops and produces oil and natural gas throughout North America.