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/.
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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.
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