February 22, 2012 / 10:48 PM / 8 years ago

UPDATE 1-US oil cos see higher 2012 output

Feb 22 (Reuters) - Concho Resources, Whiting Petroleum Corp and Stone Energy forecast higher oil and gas production in 2012, but Penn Virginia Corp expects lower output as it cuts natural gas production.

Output in the U.S. has soared to record levels as the energy industry has plowed billions of dollars into developing shale rock fields that were once too difficult and expensive to tap.

Penn Virginia, which said total production will be 3 to 10 percent lower in 2012, expects oil production to grow 56 to 77 percent driven by Eagle Ford shale.

The company expects 2012 production of 40 billion cubic feet of natural gas equivalent (bcfe) to 43 bcfe.

Denver, Colorado-based Whiting raised its full-year production forecast to 77,300 barrels of oil equivalent per day (boe/d) to 81,100 boe/d. It had earlier expected 76,500 boe/d to 80,600 boe/d.

Whiting also raised its first-quarter production forecast to 75,700 boe/d to 79,100 boe/d from 72,500 boe/d to 74,700 boe/d.

Fourth-quarter adjusted net income was $124.5 million, or $1.05 per share. Analysts on average were expecting 96 cents a share, according to Thomson Reuters I/B/E/S.

Bigger peer Concho Resources expects 2012 output of 27.5 million barrels of oil equivalent (mmboe) to 28.5 mmboe. 2011 production was 23.6 mmboe.

The company’s fourth-quarter loss from continuing operations widened to 77 cents a share from 31 cents a share.

Stone Energy expects about 11 percent higher averge daily production in 2012. It is expected to come in between 40 mmboe and 47 mmboe. The company expects first quarter average daily production to be 37 mmboe to 40 mmboe.

Concho Resources shares closed at $116 on Wednesday on the New York Stock Exchange. Penn Virginia shares, which closed at $5.77, gained 5 percent in extended trade. Whiting Petroleum shares, which closed at $56.56, rose 2.5 percent after the bell.

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