Oil and gas major Woodside Petroleum Ltd
(ASX:WPL) has reported a 7% fall in output for the first quarter of 2010, despite record production at the North West Shelf.
The company reported production of 19.2 million barrels of oil equivalent in the three months to March 31, down from the 20.6 million barrels of oil equivalent in March quarter of 2009.
Production also came in 5% lower than its result for the December quarter.
Woodside says the result was due to a 46 day maintenance outage at its Stybarrow field, the sale of its Otway assets, off the Victorian coast, and a natural decline in production at Stybarrow, Enfield and Neptune.
Sales revenue of US$1.028 billion dropped 10% compared to the December quarter, but was 43% higher than the March quarter of last year due to improved commodity prices.
Sales volumes fell 9% to 18.7 million barrels of oil equivalent compared to 20.6 million barrels of oil equivalent.
Woodside says its Pluto LNG 1 project is on track and within budget.
Woodside earned over $1.8 billion in the 2009 calendar year.
