Beach Energy shares have fallen after the oil and gas producer flagged a slide in production in the coming year.
The disappointing outlook comes as energy companies around the world struggle to beat their production targets.
Beach expects to produce between 8.6 and 9.4 million barrels of oil equivalent during 2014/15, down from the record 9.6 million mmboe in the year to June 30.
The result reflects the timing of new oil facilities being brought on line, the ramp up of production in South Australia's Cooper Basin, and a natural decline in the Bauer oil field, the company said.
Shares in company were 4.75 cents, or 2.7 per cent, lower at $1.7125 at 1236 AEST.
Manager partner of 100 Doors Peter Esho said the stock had gone "pretty hard" recently so the weakness was no real surprise.
"There was a bit of disappointment around the actual guidance in terms of what they'll do next year," Mr Esho said.
He predicts the stock will retreat to around $1.60.
"The rest of it will really be dictated by where energy prices go as a lot of energy companies around the world struggle to see upside when it comes to production guidance and Beach is no exception."
Despite achieving record sales and oil production during the past 12 months, including $1.05 billion in revenue, Beach said production in the June quarter was only slightly higher than the previous three months.
The company notched up a 38 per cent increase to achieve record full year oil production of 5.2 million mmboe.
Beach lifted sales volumes 20 per cent during the June quarter to 2.8 million mmboe, taking sales for the full year to a record 10.8 mmboe.
The company also expects to spend between $450 million and $500 million on development and exploration during 2014/15.
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