|
Shares in Woodside Petroleum fell more than 3% on Friday after the company revealed disappointing news in its 4th quarter 2009 and full year production and revenue reports.
The shares fell $1.53 to $44.37 by the close.
The fall in global oil prices last week also played a part in pushing Woodside shares lower.
Woodside revealed a 13% fall in 4th quarter output (compared with the
4th quarter of 2008) and missed its 2009 production target.
The company said the drop was due to the "natural decline in oil
production from the Vincent, Stybarrow, Enfield, Neptune and the NWS
Oil assets".
Woodside said output in the three months to December was 20.2 million
barrels of oil equivalent (mboe), bringing total output for the year to
80.9 mboe, against the forecast for between 81-86 mboe.
Revenue for the quarter dropped 23% from a year earlier, bringing total
sales for the year to $4.35 billion, 27% down on the $5.99 billion in
2008.
Woodside forecast production this year to ease to the range of between 70-75 mboe.
December sales revenue was $1.26 billion, up 18% on the September 2009
quarter, but well under the December 2008 result which was boosted by
the sharply weaker Aussie dollar.
The company's 2008 performance was boosted by a combination of record
oil and gas prices in the first seven months, which rose faster than
the value of the Aussie dollar.
That was followed by a sharp fall in prices, and a sharp fall in the value of the Aussie dollar.
Woodside said the 2009 performance was due to reduced sales volumes and
the ''adverse movement’’ in the Australian dollar/US dollar exchange
rate, which outweighed any benefit from the rebound in prices in the
closing months of the year.
But the December quarter saw higher sales volumes and commodity prices
outweigh movements in the $A, producing the hike in revenue when
compared with the three months to September.
Shares in Australian Agricultural Company shed more than 6% in value
Friday after the company reported a bigger than expected full-year loss
on flooding, drought and weak livestock prices.
The net loss for 2009 will range from $53 million to $60 million, Aust Ag told the ASX in a market update.
The shares fell 6.4%, or 9 cents, to $1.31 at the close of trading.
Aust Ag lost $30.3 million in the six months to June 30 and in August
forecast a second-half profit if livestock prices were maintained.
“The market price of cattle has remained at subdued levels during the
year,” Australian Agricultural said in Friday's statement..
Earnings will also reflect the impact of drought in 2008, floods in 2009 and the stronger Australian dollar, it told the ASX.
"The full year 2009 guidance includes a positive movement in the
Company’s interest rate swap position, which will create a non-cash
uplift of approximately $14 million, compared to a loss of $25 million
on interest rate swaps in 2008.
"In addition, a reduction in operational expenditure has been
successfully achieved for the year and is expected to be within
previous guidance."
"The Company expects to announce results for the 2009 financial year in mid February 2010.
"An update on the strategic review and further guidance on the outlook
for 2010 will also be provided in conjunction with the results
announcement in February 2010," directors said.
Lihir Gold shares ended down 2.2% or seven cents at $3.06 after the
company's headline-grabbing week that ended with the release Friday of
the 4th quarter and full year production reports.
Lihir had revealed the surprise departure of CEO, Arthur Hood earlier
in the week, a move that is still not fully detailed by the board.
The company said Friday that 2009 gold output had met guidance at 1.12 million ounces, up 27% on 2008.
December quarter production was 278,291 ounces of gold, 19% above the preceding quarter.
It also said it was expecting gold
production to rise to 1.3 million ounces by 2012, thanks to
the expansion of its Papua New Guinean and Ivory Coast mining
operations.
This year Lihir is expecting to produce between 960,000 to 1.06 million
ounces of gold, rising to the 2012 target of about 1.3 million ounces.
"Over the coming months, we are focused on maintaining the strong
momentum that has been developed in raising our annual production
capacity," interim chief executive Phil Baker said in the statement.
"We aim to achieve consistent and reliable performance at all our
operations, delivering on our guidance and keeping our expansion
projects on track and within budget."
Mr Baker is serving as interim CEO after Mr Hood's departure.
Lihir said the average realised cash price was $US1096 per ounce for the quarter and $US956 per ounce for the year.
That suggests revenue of about $US1.07 billion for the year, based on
the assumption that it sold a similar amount of gold during the year to
its production.
Lihir's cash cost was $US397 per ounce for the full year, in line with
guidance and at the lower end of global gold production costs.
Quarterly cash costs were $US454 per ounce.
The cash cost for 2010 was expected to be below $US450 per ounce, assuming stable oil prices and exchange rates.
Lihir said the sale of its Ballarat operations was proceeding and was expected to be completed by the end of the March quarter.
Production at Ballarat was 2,900 ounces for the quarter, mostly covering continuing operating expenses. This Information is provided to you by the Australasian Investment Review (AIR).Subscriptions are free.AIR reports about financial markets and investment products in the widest sense possible. The AIR website and all its contents is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore talk with their financial planner or advisor before making any investment decision.
|
