W&T lowers production forecast for 3Q

W&T said it is producing 72 million cubic feet of natural gas equivalent per day and it expects production for the third quarter to total 19 billion to 21 billion cubic feet of natural gas equivalent. The old forecast had been for production of 26.9 billion to 29.2 billion cubic feet.

W&T said two operated platforms, the Eugene Island 371 "B" and Eugene Island 397 "A" platforms, and nine non-operated platforms sank because of the storms. The company said it is evaluating alternatives for the operated facilities, including using other platforms.

Net production of the platforms is 7.5 million cubic feet per day.

W&T said all other operated structures appear to be intact, but some have been damaged.

The company said it does not know yet what production is expected to be in the fourth quarter.

Besides addressing damage to company facilities, W&T said that to increase production above current levels it is counting on the completion of repairs to third party pipelines and processing facilities that handle W&T's products.

W&T said production has resumed at the sites of seven of its eight drilling rigs in the Gulf.