|
COPYRIGHT 2005 Access Intelligence, LLC.
On top of strong revenues, independents also finished the third quarter with much higher production than in the year-before quarter. Of the 36 producers in Petroleum Finance Week newsletter's universe of independents, all but a handful reported increased oil and/or gas output. Analysts predict more strong results--as long as commodity prices stay high.
Among those with lagging production figures are some Gulf of Mexico producers who were affected by Hurricane Ivan-related shut-ins. In some instances, production facilities were not harmed significantly, but pipelines were, resulting in continued shut-in of output.
Gas-focused Ultra Petroleum reported significantly higher production. Sterne, Agee & Leach's E&P analyst, Michael Bodino, says, "Production growth was fueled by a 21% stronger commodity price and a flat cost structure as it continues a steady, low-cost development drilling program on the Pinedale Anticline." (For more on Ultra's activities, see "Pumped Up on the Pinedale" in this issue.)
Plains Exploration & Production...
Read the full article for free courtesy of your local library.
|
Bookmark this article
Print this article
Link to this article
Email this article
Digg It!
Add to del.icio.us
RSS
