Harvey’s effects continue to ripple
With the third quarter coming to a close, companies are beginning to prepare for reporting season. As part of these efforts, companies often update guidance for Q3 and full year production. This is especially pertinent this year, as Hurricane Harvey’s effects impacted operations throughout the country.
Noble Energy (ticker: NBL), Chesapeake Energy (ticker: CHK) and QEP Resources (ticker: QEP) each released updated guidance today.
Noble ups guidance on strong DJ wells
Noble Energy has updated its expected guidance for Q3 2017. Noble reports that expected sales volumes for Q3 have been raised to 352-358 MBOEPD, which represents an increase of 3% or 10 MBOEPD at the midpoint of expectations.
Expected oil volumes rose to a midpoint of 128 MBOPD, up more than 4% from previous guidance of 123 MBOPD. Natural gas volumes are now expected to be 977 MMcf/d, above the previous guidance high of 950 MMcf/d. Expected NGL production, on the other hand, has fallen from a midpoint of 67 MBPD to a midpoint of 64 MBPD.