HOUSTON, Oct. 13, 2017 /PRNewswire/ -- EP Energy
Corporation (NYSE:EPE) today announced an update on its operations
following Hurricane Harvey and reaffirmed the company's annual
production and capital estimates for 2017.
As previously announced, EP Energy's producing and field
facilities sustained no damage as a result of Hurricane Harvey and
the company's drilling operations continued throughout the
storm. A short-term reduction in the company's sales volumes
resulted from temporary losses of downstream infrastructure and
markets.
The third quarter storm impact to company production volumes was
approximately 0.9 thousand barrels of equivalent production per day
(MBoe/d), including 0.3 thousand barrels of oil production per day
(MBo/d), in the Eagle Ford program. Consistent with previous
guidance, the company expects total production of 81.0 MBoe/d,
including 45.1 MBo/d for the third quarter 2017 despite the
hurricane impacts.
The company's full year production remains on track. For
2017, the company expects total equivalent production volumes to
range from 80.0 MBoe/d to 85.0 MBoe/d, including 46.0 MBo/d to 48.0
MBo/d which is also consistent with previous guidance. Total 2017
oil and gas capital expeditures are expected to remain in the range
of $550 million to $600
million.
About EP Energy
The EP Energy team has a passion for finding and producing the
oil and natural gas that enriches people's lives. EP Energy
has a proven strategy, a significant reserve base, multi-year
drilling opportunities, and a strategic presence in a number of the
country's leading unconventional resource areas in North America. EP Energy is active in key
phases of the E&P value chain—acquiring, developing and
producing oil and natural gas. For more information about EP
Energy, visit epenergy.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release includes certain forward-looking statements and
projections of EP Energy. We have made every reasonable effort to
ensure that the information and assumptions on which these
statements and projections are based are current, reasonable, and
complete. However, a variety of factors could cause actual results
to differ materially from the projections, anticipated results or
other expectations expressed, including, without limitation, the
volatility of and sustained low oil, natural gas and NGL prices;
the supply and demand for oil, natural gas and NGLs; the
company's ability to meet production volume targets; changes in
commodity prices and basis differentials for oil and natural gas;
the uncertainty of estimating proved reserves and unproved
resources; the future level of service and capital costs; the
availability and cost of financing to fund future exploration and
production operations; the success of drilling programs with regard
to proved undeveloped reserves and unproved resources; the
company's ability to comply with the covenants in various financing
documents; the company's ability to obtain necessary governmental
approvals for proposed E&P projects and to successfully
construct and operate such projects; actions by the credit rating
agencies; credit and performance risk of our lenders, trading
counterparties, customers, vendors, suppliers and third party
operators; general economic and weather conditions in geographic
regions or markets served by the company, or where operations of
the company are located, including the risk of a global recession
and negative impact on oil and natural gas demand; the
uncertainties associated with governmental regulation, including
any potential changes in federal and state tax laws and
regulations; competition; and other factors described in the
company's Securities and Exchange Commission filings. While the
company makes these statements and projections in good faith,
neither the company nor its management can guarantee that
anticipated future results will be achieved. Reference must be made
to those filings for additional important factors that may affect
actual results. EP Energy assumes no obligation to publicly update
or revise any forward-looking statements made herein or any other
forward-looking statements made by EP Energy, whether as a result
of new information, future events, or otherwise.
Contact
Investor and Media
Relations
Bill Baerg
713-997-2906
bill.baerg@epenergy.com
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SOURCE EP Energy Corporation