Newfield Exploration Company has provided an update on its operations in the Gulf of Mexico following the two recent hurricanes. The Company estimates that the storms will result in deferred production of approximately 5 Bcfe net.
The deferrals arise from damage to two non-operated host facilities in deepwater and the loss of one operated facility in shallow water. In addition, production has been temporarily impacted by curtailments in South Texas due to demand loss following the storms.
Total company production guidance for 2008 is now expected to be 234-238 Bcfe (previous range was 238-242 Bcfe). Revised production estimates for 2008 compare to 2007 actual production of approximately 190 Bcfe (adjusted for asset sales and acquisitions), representing an increase of approximately 24%.
Newfield's net production capacity in the Gulf of Mexico is approximately 65 MMcfe/d from eight facilities. The Gulf of Mexico represents about 8% of the Company's total daily production volumes.
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