October 16, 2017 - 7:10 AM EDT
Print Email Article Font Down Font Up Charts

Corporate News Blog - EP Energy Announces Update on Operational Impact Following Hurricane Harvey; Reiterates 2017 Production Outlook

LONDON, UK / ACCESSWIRE / October 16, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for EP Energy Corp. (NYSE: EPE), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=EPE. On October 13, 2017, the Company provided an operational impact update following Hurricane Harvey, and reaffirmed its annual production and capital estimates for 2017 along with estimated production results for the quarter ended September 30, 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at: http://protraderdaily.com/register/.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on EPE. Go directly to your stock of interest and access today's free coverage at: http://protraderdaily.com/optin/?symbol=EPE.

The Impact

EP Energy stated that the Company's Eagle Ford assets did not experienced any damage from weather relating to Hurricane Harvey. The Company noted that the local area only experienced a few inches of rain, which did hamper its drilling or production operations. EP Energy observed that the short-term reduction in the Company's sales volumes resulted from temporary losses of downstream infrastructure and markets.

Drillers in the Eagle Ford region ceased operations and pulled crews as Tropical Storm Harvey blew through the region. The storm brought high winds and caused devastating floods along the Gulf Coast. As per S&P Global Platts, several refineries in the area were impacted during the storm, removing approximately 25% of Gulf Coast refining capacity. EP Energy generates approximately about half of its output from the Eagle Ford area.

Production Impact

EP Energy stated that the storm's impact on the Company's results for the quarter ended September 30, 2017, production volumes was approximately 0.9 thousand barrels of equivalent production per day (MBoe/d), including 0.3 thousand barrels of oil production per day (MBo/d) in the Eagle Ford program. Consistent with its earlier guidance, the Company expects total production of 81.0 MBoe/d, including 45.1 MBo/d for Q3 2017 despite the hurricane impacts.

EP Energy confirmed that its full year production remains on track. For 2017, the Company is forecasting total equivalent production volumes to range from 80.0 MBoe/d to 85.0 MBoe/d, including 46.0 MBo/d to 48.0 MBo/d, which is also consistent with EP Energy's earlier announced guidance. The Company's total 2017 oil and gas capital expenditures are expected to remain in the range of $550 million to $600 million.

About EP Energy Corp.

Founded in 2013, EP Energy is an independent exploration and production Company, which engages in the exploration for and the acquisition, development, and production of oil, natural gas, and natural gas liquids in the United States. Headquartered in Houston, Texas, the Company has interests in three primary areas, such as the Eagle Ford Shale located in South Texas; the Wolfcamp Shale located in Permian Basin in West Texas; and the Altamont Field located in the Uinta Basin in Northeastern Utah. As of December 31, 2016, it had proved reserves of 432.4 million barrels of oil equivalent and had average net daily production of 87,641 barrel of oil equivalent/per day.

Last Close Stock Review

At the close of trading session on Friday, October 13, 2017, EP Energy's stock price slightly rose 0.36% to end the day at $2.77. A total volume of 948.25 thousand shares were exchanged during the session, which was above the 3-month average volume of 580.16 thousand shares. At Friday's closing price, the stock's net capitalization stands at $705.99 million.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.


The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email [email protected]. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.


PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.


This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.


For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: [email protected]

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

Source: ACCESSWIRE Investor Awareness (October 16, 2017 - 7:10 AM EDT)

News by QuoteMedia

Legal Notice