Morgan Stanley observes Scarborough continues to progress in the right direction. Guidance on capital expenditure for 2020 of US$4.1-4.4bn included a US$450m completion payment to ExxonMobil and BHP Group ((BHP)) on FID at Scarborough.

Morgan Stanley increases Pluto, Wheatstone and Greater Enfield production forecasts given the strong fourth quarter result.

Equal-weight maintained. Target is raised to $35 from $34. Industry view: In-Line.

Sector: Energy.

Target price is $35.00.Current Price is $35.77. Difference: ($0.77) - (brackets indicate current price is over target). If WPL meets the Morgan Stanley target it will return approximately -2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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