Swift Energy cuts production forecast due to Hurricane Isaac
Sept 19 |
Sept 19 (Reuters) - Oil and natural gas producer Swift Energy Co lowered its full-year production forecast due to expected delays at its South Louisiana oil fields that were hit by Hurricane Isaac last month.
Swift Energy now expects full-year production to be lower by 225,000 barrels of oil equivalent (boe) compared with its previous forecast. It had forecast 12.0 to 12.6 million boe (mmboe) of production for 2012.
It said third-quarter production will be hit by about 175,000 boe. The company had forecast production between 3.0 and 3.2 mmboe for the third quarter.
About 25 to 35 percent of production at its Lake Washington oil field in Plaquemines Parish, the hardest hit parish of New Orleans, has been brought back online, the company said.
Repairs at the Lake Washington field are expected to be complete within seven to ten days and production there should be restored to pre-storm levels soon after, the company said.
Shares of the company were down 4 percent at $21.92 on Wednesday afternoon on the New York Stock Exchange.
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