Woodside Petroleum revenue drops 9% in 1Q FY17

Company News

by David Chau

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.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.