Woodside trims output guidance on back of Pluto setback
Woodside shares lifted despite it flagging output at the lower end of earlier guidance amid Pluto delays.
Woodside Petroleum shares rose in lunchtime trade despite the energy company forecasting annual production at the lower end of earlier guidance after it delayed the restart of its Pluto liquefied natural gas facility following planned maintenance.
Woodside (WPL) said the mixed refrigerant compressor at Pluto experienced a vibration when efforts were made to resume output, prompting management to push back the timetable for bringing the facility online again to the end of this month.
“Woodside has made arrangements to meet obligations to our customers, including the purchase of third-party cargoes,” the Perth-based energy company said.
Woodside had previously targeted production in 2019 in a range of 88 million to 94 million barrels of oil equivalent.
Woodside’s ASX-listed shares were up 1.1 per cent to $35.025 at noon (AEST) and are up 11.83 per cent for the year so far.
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