Bill Barrett shares fall after gas explosion
- Associated Press
- November 21, 2012 - 1:25 PM
NEW YORK - Shares of Bill Barrett Corp. fell Wednesday after the oil and gas company shut down about a quarter of its production because a Utah facility was damaged in an explosion Tuesday.
The blast severely damaged a compressor station, injured two workers and led the company to shut down production in the West Tavaputs field around the station.
That field produces about 88 million cubic feet of gas equivalent per day, which Raymond James analyst John Freeman said amounts to about 26 percent of the company's total production.
Denver-based Bill Barrett said it expects to move most of the gas production, when it comes back online, through its other facilities in the area.
The company added that the damaged equipment is covered by its property damage insurance.
Shares fell 76 cents, or 4 percent, to $17.81 in heavy afternoon trading, after dropping as low as $16.84 earlier in the day. The stock had lost about half its value this year through Tuesday's close.
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