Kerr-McGee Reduces Its Production Forecast
Posted on: Thursday, 29 September 2005, 18:01 CDT
By Adam Wilmoth, The Daily Oklahoman
Sep. 29--Kerr-McGee Corp. on Wednesday reduced the high end of its projected third quarter oil and natural gas production levels because of the combined disruptions from Hurricanes Katrina and Rita.
The Oklahoma City-based energy company said it expects to produce 321,300 to 330,000 barrels of oil equivalent per day, down from a range of 321,300 to 347,000. Kerr-McGee shut in all of its Gulf of Mexico offshore production of about 130,000 barrels per day for about six days for each hurricane, the company said.
Full production has been restored to at least one offshore rig after last week's Hurricane Rita, but pipeline problems are limiting shipments, Vice President Rick Buterbaugh said during an analyst conference call.
Despite the news, Kerr McGee shares gained $1.30, or 1.3 percent, Wednesday to close at $96.89 on the New York Stock Exchange.
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KMG,
Source: The Daily Oklahoman
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