W&T Offshore Inc. (
) is down near 4% at $15.80 but above a day low $15.20 after
cutting its year production estimate in a release announcing a
discovery at the Big Bend exploration prospect in the deepwater
Gulf of Mexico. The company reports that open-hole logging
identified approximately 150 feet of net oil pay in two
high-quality Miocene reservoirs. W&T Offshore holds a 20%
working interest in this well, which is operated by Noble Energy
WTI cut its production estimate for the year, citing the effect
of production deferrals resulting from multiple third-party
pipeline outages, production delays and lower natural gas liquids
The company now expects total production in billions of cubic
feet equivalent between 101.3 and 103, down from its prior view of
103 to 107. It anticipates total production in million barrels of
oil equivalent between 16.9 and 17.2, down from a prior view of
17.1 to 17.8.
The company sees oil and natural gas liquids production of eight
million to 8.1 million barrels, versus a prior view of eight
million to 8.3 million. WTI also predicts natural gas production
measured in billion cubic feet between 53.3 and 54.4 from its prior
view of 54.7 to 56.8.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.