GLNCY Glencore Plc (PK)

By Maryam Cockar and Oliver Griffin

Shares in Glencore PLC (GLEN.LN) fell Friday after it cut its full-year oil-production guidance by 6% on the back of a one-month unplanned stoppage at the Mangara field in Chad, although it maintained its full-year guidance in copper and cobalt.

The Anglo-Swiss miner and commodities trader said it now expects to produce 4.6 million barrels of oil for the year and the Mangara field is back online and fully operational.

During the third quarter, own-sourced copper and cobalt production rose 12% and 44% to 1.1 million tons and 28,500 tons respectively, Glencore said.

Glencore said its entitlement interest oil production fell 14% in the third quarter to 3.4 million barrels compared with the same period a year earlier, citing the natural field-decline rate in the liquids phase at the offshore fields in Equatorial Guinea.

The company also said it expects its marketing division to see earnings before interest and tax in the top half of its guidance range, which remains at $2.2 billion-$3.2 billion.

Write to Maryam Cockar at maryam.cockar@dowjones.com and Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

October 26, 2018 03:27 ET (07:27 GMT)

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