EPL Provides Update on Production
04 Ottobre 2005 - 10:55PM
Business Wire
Energy Partners, Ltd. ("EPL") (NYSE:EPL) today provided additional
detail on its current production levels, its estimated third and
fourth quarter production levels, and its expectations for
restoring production to capacity. EPL said that production is
currently near 11,000 barrels of oil equivalent (Boe) per day, or
approximately 37% of the pre-Hurricane Katrina level. Based on
estimates for deferred production due to Hurricanes Katrina and
Rita, EPL expects third quarter production to fall between 18,500
and 19,500 Boe per day. The critical tasks necessary to restore
production to full capacity include repairs to third party
pipelines and processing plants, and, to a lesser extent, repairs
to EPL-owned pipelines in the Company's Central and Eastern areas
which are currently underway. As such, EPL's fourth quarter
production levels will be highly dependent on the ability of
downstream third parties to accept delivery of produced oil and
natural gas. At this time, the Company's best estimates are that
fourth quarter 2005 production will fall between 16,500 and 21,500
Boe per day. Richard A. Bachmann, EPL's Chairman and CEO,
commented, "Before Hurricane Katrina, EPL was on track to deliver
the 25% to 35% annual production growth we had projected since the
start of the year. After the shut-ins due to Katrina and Rita, much
of that growth will now be deferred into 2006. Our best estimates
now are that 2005 production will range from zero to 5% growth over
2004 levels, which would be a remarkable success given this
season's storm activity. Also, early in the fourth quarter we will
begin accruing recoveries under our business interruption
insurance, so while our volume growth will be significantly
reduced, the impact on our second half cash flow will not be as
great." EPL said that the guidance it had previously given on its
cost metrics will also have to be changed, and that it expects to
update its estimates on the Company's third quarter 2005 earnings
conference call. Bachmann continued, "While the two back-to-back
hurricanes in the past month have been very disruptive, we are
fortunate and pleased that the damages to our facilities have been
relatively minor. With the exception of East Bay, we expect all our
fields to return to full production in the fourth quarter." Founded
in 1998, EPL is an independent oil and natural gas exploration and
production company based in New Orleans, Louisiana. The Company's
operations are focused along the U. S. Gulf Coast, both onshore in
south Louisiana and offshore in the shallow to moderate depth
waters of the Gulf of Mexico Shelf. Any statements made in this
news release, other than those of historical fact, about an action,
event or development, which the Company hopes, believes or
anticipates may or will occur in the future, are "forward-looking
statements" under U. S. securities laws. Such statements are
subject to various assumptions, risks and uncertainties, which are
specifically described in our Annual Report on Form 10-K for fiscal
year ended December 31, 2004 filed with the Securities and Exchange
Commission. Forward-looking statements are not guarantees of future
performance or an assurance that the Company's current assumptions
and projections are valid. Actual results may differ materially
from those projected.
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