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AFX Asia (Focus): Australia’s Woodside denies reports that it faces revenue shortfall

Published: Feb 06, 2007

SYDNEY (XFN-ASIA) – Woodside Petroleum Ltd has said recent reports in the news media that the company faces shortfall in revenue are false.

The company, which is 34 pct owned by the Royal Dutch Shell group, said conjecture about a revenue shortfall might have been due to an internal note to staff about the general effect of projections of lower production, which had already been disclosed.

It said this note was not meant to be a financial forecast and that any changes in the amount it expects to devote to exploration and capital spending this year would be presented in its annual results, which are to be released on Feb 21.

Woodside said the recent reports in the news media had also speculated about the possibility of the company selling assets. It said this conjecture could have been based on the company’s disclosure in August and November that liquefied natural gas projects were its priority.

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