Construction progress at Woodside's Pluto LNG to lower cost overrun, says Citi

Woodside Energy

08/11/2024 24:12

** Citi upbeat on Woodside Energy  WDS.AX  as construction
progress at its Pluto LNG worksite in Western Australia leads to
an estimated reduction in cost overrun 
    ** Brokerage expects oil and gas producer's cost overrun to
drop to $500 mln from $1 bln due to lowered construction risks
from topsides being built in a yard
    ** Citi projects first LNG production from Pluto T1 in
2H2026, says this might dampen over-optimistic 2026 earnings
projections
    ** Maintains "sell" rating and PT of A$23
    ** Woodside Energy shares down as much as 0.41% to A$24.140
    ** Stock down 22% YTD, as of 2323 GMT

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