EP Energy backs FY17 production 80.0 MBoe/d to 85.0 MBoe/d
EP Energy announced an update on its operations following Hurricane Harvey and reaffirmed the company's annual production and capital estimates for 2017. As previously announced, EP Energy's producing and field facilities sustained no damage as a result of Hurricane Harvey and the company's drilling operations continued throughout the storm. A short-term reduction in the company's sales volumes resulted from temporary losses of downstream infrastructure and markets. The third quarter storm impact to company production volumes was approximately 0.9 thousand barrels of equivalent production per day, including 0.3 thousand barrels of oil production per day, in the Eagle Ford program. Consistent with previous guidance, the company expects total production of 81.0 MBoe/d, including 45.1 MBo/d for the third quarter 2017 despite the hurricane impacts. The company's full year production remains on track. For 2017, the company expects 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 previous guidance. Total 2017 oil and gas capital expeditures are expected to remain in the range of $550M-$600M.