Production woes for Woodside

WOODSIDE Petroleum Ltd delivered its second production downgrade for the year, despite a bullish outlook beyond the current period. The company told an investor briefing, it was downgrading its 2006 production forecast to 67 to 68 million barrels of oil equivalent, down from 72 mboe. Woodside CEO Don Voelte said the company should deliver record production, earnings, operating cash flow and dividends for 2006, but claimed it could have done better.

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