Woodside output cut

WOODSIDE Petroelum shares have dipped after the energy heavyweight revealed it had suffered a fall in thirdquarter production and trimmed its forecast range for full-year output.

The oil and gas producer yesterday lowered the top end of its production forecast, with output now expected to clock in between 84 million and 86 million barrels of oil equivalent.

That compares with a previous forecast of 84 million to 90 million barrels.

In the three months to September, the group’s production slipped to 20.3 million barrels, down from 25.2 million barrels in the same period a year earlier, due to scheduled maintenance and a lower share of pipeline gas from the North West Shelf project.

Total sales revenue also edged lower, down 7.5 per cent to $US914 million ($1.2 billion) in the quarter, compared with $US988 million a year earlier.