Australia's Woodside Petroleum posts over 20% fall in Q1 sales revenue

Australia’s Woodside Petroleum Ltd posted an over 20% fall in first-quarter sales revenue, hurt by lower realised prices for oil and natural gas.

The country’s top independent gas producer recorded sales revenue of $1.08 billion for the quarter ended March 31, down from $1.36 billion a year earlier. This compares to a UBS estimate of $1.01 billion.

Woodside produced 24.2 million barrels of oil equivalent (boe) during the period, up from 21.7 million boe a year earlier. Production came in below a UBS estimate of 24.5 million boe.

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