So...by the time we go through another hurricane season next year Chevron will have restored production from Ike/Gustov. 10k bbls/day permanently lost...gone...
Chevron: Nearly 50% Of US Gulf Output To Be Restored By 4Q 09
09:36 EST Friday, Oct 31, 2008
HOUSTON -(Dow Jones)- Chevron Corp. (CVX) said Friday that about half of its Gulf of Mexico production will be restored by the fourth quarter of 2009 and that about 10,000 barrels of oil equivalent per day would be permanently shut-in owing to hurricane effects.
About half, or 90,000 barrels per day, of Chevron's production remains shut-in at the end of October. The company estimates that the majority of this production will be back online just next year, it said in a press release.
Chevron, the second-largest U.S. oil company by market value and one of the largest producers in the Gulf of Mexico, had shut down virtually all of its production in the area after Hurricanes Gustav and Ike churned through the Gulf in early September. Other producers also were affected.
The company said the storms caused a decline of approximately 150,000 barrels of oil-equivalent production per day in September. In addition, the hurricanes reduced the company's third-quarter earnings by about$400 million.
The San Ramon, Calf.-based firm posted Friday a huge jump in net income, more than doubling its earnings from the same period a year earlier thanks to historically high oil-and-gas prices early in the quarter and improved margins on refined-product sales. The company's quarterly output fell 5.7%.
-By Isabel Ordonez, Dow Jones Newswires; 713-547-2907; isabel.ordonez@ dowjones.com
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