Mariner Energy, Inc. Q3 2009 Earnings Call Transcript
EXCERPT
In the third quarter, we experienced a series of pipeline shut-ins, delays in production from outside operated projects, as well as delays in operated projects. Seemingly, the proverbial, when it rains it pours. The primary contributor to the production shortfall was construction delays at our Vermillion 380 project on the shelf. As you may recall, Vermillion 380 was damaged in Hurricane Ike, and the restoration of the facilities is taking a little longer than we originally expected. Vermillion 380 is an impactful project, expected to produce 3,000 barrels of oil equivalent per day to 4,000 barrels of oil equivalent per day net to Mariner. When projects of this magnitude are delayed late in the year, our annual production and guidance are going to be affected. Nevertheless, production should be back on track by year end, and we are currently producing approximately 360 to 365 million cubic feet equivalents per day.
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Working Water
Well Name Operator Interest Depth (Ft) Location
——————— —————— ———— ————— —————————
Vermillion 380
A3 ST1 Mariner 100.0% 340 Conventional Shelf