NGI The Weekly Gas Market Report / NGI All News Access

Hurricanes Contribute to Production Cut by Penn Virginia

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.

©Copyright 2008 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.

Copyright ©2018 Natural Gas Intelligence - All Rights Reserved.
ISSN © 2577-9877 | ISSN © 1532-1266
Comments powered by Disqus