UPDATE 1-PetroQuest Energy cuts Q2 production view
* Cuts view to a range of 80-83 MMcfe/d
* Says hurt by unexpected shut-ins at two fields
June 24 (Reuters) - Independent oil and gas company PetroQuest Energy Inc (PQ.N) cut its second-quarter production outlook following unexpected shut-ins at two of its fields and the sale of stake in Woodford shale assets.
The company now expects production to come in at about 80 million cubic feet per day (MMcfe/d) to 83 MMcfe/d from its prior view of 82 MMcfe/d to 87 MMcfe/d. [ID:nASA00H4D]
PetroQuest said it had experienced unanticipated shut-ins at its Ship Shoal 72 and Main Pass 74 fields due to facility maintenance and third-party pipeline repairs.
In May, PetroQuest had agreed to sell half of its stake in the undeveloped Woodford shale assets, located in Oklahoma, as well as the proved undeveloped reserves in the shale to two NextEra Energy Resources units. [ID:nSGE64O0EB]
The company operates mainly in the Arkoma Basin, East Texas, South Louisiana and the Gulf of Mexico shallow waters.
Shares of the company, which have risen more than 30 percent since the BP oil spill in April, closed at $7.60 Wednesday on the New York Stock Exchange. (Reporting by Krishna N. Das in Bangalore; Editing by Vyas Mohan)
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