Woodside Petroleum Limited
(ASX:WPL) has cut its production target for 2013 and reduced its estimated investment expenditure after deferring spending on its Leviathan project in Israel.
Woodside says it expects to produce between 86 and 88 million barrels of oil equivalent in 2013, after previously offering guidance of 85 to 89 million barrels of oil equivalent.
The group expects 2014 production in the range of 86 to 93 million barrels of oil equivalent.
Its total exploration and capital expenditure for 2013 has fallen to $US1.1 billion from previous guidance of $US2.3 billion after it deferred expected Leviathan expenditure.
Woodside expects 2014 investment expenditure of between $US2 billion and $US2.4 billion.
Woodside Petroleum generated a first half net profit of $971.4 million.
