Woodside Petroleum Ltd (ASX:WPL) has released its 1Q FY17 results, and reported a 9% drop in revenue.
The company’s sales revenue fell to US$895 million – compared to last financial year’s better first-quarter result of US$982 million.
Woodsides’ production fell almost 10% to 21.4 million barrels of oil equivalent.
The company’s production fell, mainly as a result of heavy rainfall. However, Woodside has maintained its full-year production forecast – which is between 85 and 90 million barrels of oil equivalent.
This morning, API shares are tracking 1.34% lower at $32.27.