Radnor, PA-based producer Penn Virginia Corp. cut its full-year 2008 oil and gas production guidance to 46.5-48 Bcfe from previous guidance of 49.7-51.7 Bcfe in part due to hurricanes Gustav and Ike, the company said last week.
Even with the reduction, 2008 production is expected to be 15-20% more than the 2007 level of 40.6 Bcfe. Penn Virginia also cut capital expenditures for 2008 to $590-610 million from $625-650 million.
The company attributed the 3.5 Bcfe, or 7%, reduction to midpoint production guidance for the second half of 2008 from previous guidance to:
Penn Virginia said it will provide a detailed update of operations in late October.
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