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Stone Terminates Deepwater Rig Contracts in Q2 as Finances Tighten
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Stone Energy Corporation announced financial and operational results for the second quarter of 2016.
Highlights: Production volumes exceeded the upper end of second quarter 2016 guidance Stone reported a second quarter of 2016 net loss of $195.8 million Bank credit agreement amendment included $360 million borrowing base and covenant relief through year end 2016 Termination of our long term deep water rig contract Mary field in Appalachia came back online in late June 2016 with an interim midstream agreement Pompano production temporarily curtailed due to explosion at Pascagoula gas processing plantChairman, President and Chief Executive Officer David Welch stated, "During the second quarter of 2016, we were able to negotiate and execute important agreements with three business…
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