Woodside Petroleum Limited
(ASX:WPL) says it is on track to reach its annual output guidance despite production falling in the first quarter of this year.
The oil and gas producer delivered 21.8 million barrels of oil equivalent in the March quarter, 5.2 per cent down from the year before.
Sales revenue dropped 15.9 per cent as the price of Brent oil averaged $US55.13 per barrel, 29 per cent lower than the prior quarter.
Over the full year the company expects to deliver between 84 million barrels of oil equivalent and 91 million barrels of oil equivalent and slightly more including its recent purchase of Apache assets.
Woodside Petroleum reported a net profit of $3.06 billion over the full 2014 calendar year.
