Production during the second quarter is estimated to average 128,000 barrels of oil equivalent (BOE) per day with sales volumes of 132,000 BOE per day. Dry hole charges for the quarter should be in the range of $8 million to $11 million with one exploratory well in progress at the end of June that could be completed before second quarter earnings are released in late July. Total worldwide exploration expense, including dry hole charges, should average between $40 million and $43 million, inclusive of a significant level of seismic expenditures for Peninsular Malaysia during the quarter.
In the worldwide downstream business, the Company experienced a robust quarter with earnings expected of approximately $60 million reflecting strong U.S. retail margins and Gulf Coast refining margins as well as a meaningful contribution from our United Kingdom downstream segment.
Earnings may also vary based on prices and volumes from sale of the Company's crude oil production.
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