Woodside Q1 Revenue Falls 9% As Heavy Rain Hits Output

Reuters

MELBOURNE, April 20 (Reuters) - Woodside Petroleum reported a 9 percent drop in first-quarter revenue on Thursday as production fell, largely due to extremely heavy rainfall, but stuck to its full-year production forecast.

Revenue in the March quarter fell to $895 million from $982 million a year earlier, while production fell nearly 10 percent to 21.4 million barrels of oil equivalent (mmboe).

The result was well below a forecast by Royal Bank of Canada for revenue of $996 million.

Woodside stuck to its forecast for full-year production between 84 mmboe and 90 mmboe and said it was working with partner Chevron Corp to ensure the Wheatstone liquefied natural gas (LNG) project starts producing mid-year.

(Reporting by Sonali Paul; Editing by Stephen Coates)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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