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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.