2218 GMT - Cooper Energy is likely to upgrade its production guidance now that its Orbost natural-gas plant is performing consistently, reckons Macquarie. Cooper has an annual target of producing 62-69 terajoules of natural gas per day, but Macquarie points out that the Orbost plant has tracked close to its nameplate capacity since mid-July following operational improvements. As a result, the bank now expects Cooper Energy to produce an average of 70.6 terajoules/day in FY 2025. That's up from a prior forecast of 68.8 terajoules/day. "Better Orbost production not only boosts earnings and increases spot market exposure, but also accelerates Cooper Energy's deleveraging (supporting equity re-rating)," Macquarie says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 07, 2024 18:18 ET (22:18 GMT)
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