Australian stocks were flat at noon after giving up some of its early gains.
Local stocks opened 0.2 per cent higher, as investors took their cues from fresh record highs on Wall Street and confirmation Woodside would shelve plans for a gas processing plant at James Price Point in Western Australia's north.
"Early on, the market was abuzz with the expected Woodside news," Bell Potter senior adviser Stuart Smith said.
"That pushed Woodside up strongly and that caught on with the rest of the market."
Woodside was up the most among all companies on the S&P/ASX20 index, having risen 2.3 per cent, or 81 cents, to $36.09 by 1206 AEST.
Financial stocks were giving the market a boost, having risen 0.35 per cent by noon.
However, the broader market's gains had evaporated, led by weakness in the resources sectors.
The metals and minerals sector was off 0.53 per cent, gold stocks were down 0.84 per cent and the materials sector - a hefty chunk of the market - was off 0.53 per cent.
Rio Tinto fell $1.37, or 2.36 per cent, to $56.66 after it said a wall slide at its Utah mine had suspended operations.
All employees were safe and accounted for.
BHP Billiton was also down 15 cents at $33.25.
Calibre Group tumbled 54.55 per cent, or 66 cents, to 55 cents after the engineering firm warned profit would fall by up to 35 per cent in 2013 due to challenging market conditions and delays capital investment decisions.
It was the largest fall among stocks on the All Ordinaries index.
* At 1206 AEST on Friday, the benchmark S&P/ASX200 index was up 4.4 points, or 0.09 per cent, at 5,011.5 points.
* The broader All Ordinaries index was up 3.2 points, or 0.06 per cent, at 5,013.5 points.
* The June share price index futures contract was steady at 5,011 points, with 10,550 contracts traded.
* National turnover was 612.4 million securities worth $1.25 billion.