February 14, 2012 / 11:49 AM / in 6 years

UPDATE 1-Cequence Energy cuts H1 budget, output view

Feb 14 (Reuters) - Cequence Energy slashed its capital budget and production forecast for the first half of 2012, citing low natural gas prices.

In late-January, natural gas futures on the New York Mercantile Exchange touched $2.231 for the front month, their lowest since 2002.

The Canadian oil and gas company cut its capital budget for the first half of 2012 to C$36 million ($36.01 million), from its prior forecast of C$100 million.

It now expects production to average 10,200 barrels of oil equivalent per day (boepd) in the first half of 2012, from its prior view of about 12,000 boepd.

Cequence plans to shut down about 1.8 million cubic feet per day of high-cost natural gas production in the Peace River Arch area of Northwest Alberta during the first quarter of 2012 due to weak natural gas prices. ($1 = 0.9998 Canadian dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Sriraj Kalluvila)

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