Stone Energy cuts production forecast on Hurricane Isaac
Sept 4 (Reuters) - Stone Energy Corp, which stopped production at its Gulf of Mexico facilities last week due to Hurricane Isaac, lowered its oil and gas production forecast for the third quarter.
Production is expected to ramp up again after nearly grinding to a halt as Isaac closed in on Louisiana last Tuesday. Isaac was downgraded to a tropical depression on Thursday after hitting the region as a Category 1 hurricane.
Damage to Stone's facilities across the Gulf of Mexico appears to be minor with no significant issues or problems, the company said.
The Lafayette, Louisiana-based company said quarterly impact on production is estimated to be about 2,000 to 4,000 barrels of oil equivalent per day (boe/d), assuming no further storm disruptions.
The company now expects its current-quarter production to be between 38,000 and 40,000 boe/d, lower than its previous forecast of between 41,000 and 43,000 boe/d.
Annual production may be on the lower end of 41,000 to 43,000 boe/d forecast, the company said.
Shares of the company were trading down 1 percent at $23.2 on the New York Stock Exchange on Tuesday.
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