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W&T Offshore cuts 2008 production guidance
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HOUSTON - W&T Offshore Inc. said Tuesday it expects to produce less crude oil and natural gas in 2008 than previously forecast due in part to repairs from recent storms.
The oil and gas company expects to produce 94.6 billion to 97.2 billion cubic feet equivalent for the year, down from a previous estimate for 115 billion to 125 billion cubic feet equivalent.
For the fourth quarter the company expects to produce 12.9 billion to 15.6 billion cubic feet equivalent.
Shares of the company added $2.13, or 12.3 percent, to $19.54 in midday trading. The stock has traded between $14.57 and $59.99 in the past 52 weeks.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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