HOUSTON, Oct. 15 -- Newfield Exploration Company (NYSE: NFX) today provided a production update following recent storms and resulting production shut-ins in the Gulf of Mexico. Despite the shut-ins, the Company expects to produce approximately 180 billion cubic feet equivalent (Bcfe) in 2002.
The Company shut-in approximately 2.5 Bcfe of production in response to Hurricane Lili. Newfield's Gulf of Mexico production was shut in beginning October 1 and today nearly all of Newfield's production is back on line. With the exception of Eugene Island 324, Newfield's production platforms sustained only minor damage. The Eugene Island 324 facility was severely damaged and will most likely be removed. Newfield's net production from this facility was only 0.3 million cubic feet per day (MMcf/d) and 200 barrels of oil per day. The damage to platforms and the removal of the Eugene Island 324 facility is covered by Newfield's insurance policies.
As a result of Tropical Storm Isidore (September 24-29), Newfield had previously announced that approximately 1.5 Bcfe of production was shut in. The Company's production facilities sustained no significant damage during this storm.
Newfield operates about 140 production platforms in the Gulf of Mexico and controls 190 lease blocks.
Newfield Exploration is an independent crude oil and natural gas exploration and production company. The Company has a solid asset base of producing properties and exploration and development drilling opportunities in the Gulf of Mexico, along the U.S. Onshore Gulf Coast, in the Anadarko and Permian Basins, offshore Australia and in China's Bohai Bay. Newfield balances its drilling program with acquisitions in select areas in the U.S. and overseas.
Newfield Exploration Company For information, contact: 363 N. Sam Houston Parkway East, Ste. 2020 Steve Campbell Houston, TX 77060 (281) 847-6081 http://www.newfld.com firstname.lastname@example.org
Source: Newfield Exploration Company