New Zealand's Genesis Energy falls on lowering FY earnings outlook

Genesis Energy

22/05/2024 02:24

** Shares of Genesis Energy  GNE.NZ  fall as much as 3.5% to
NZ$2.205, set for their worst day since March 20 - if losses
hold 
    ** Diversified energy company sees a NZ$15 mln to NZ$20 mln
($9.15 mln - $12.20 mln) reduction in FY24 EBITDAF versus
previous guidance of around NZ$430 mln due to expected lower
production
    ** Says well intervention campaign at Kupe KS-9 has
concluded with work unable to produce sufficient flow to sustain
operation of the well
    ** Stock has fallen 8.8% this year as of last close


($1 = 1.6396 New Zealand dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))