Woodside's Q1 Revenue Drops 20%

Australian Woodside Petroleum April 16 said its sales revenue during the three months to March 31 (Q1 2020) was down 20% yr/yr thanks to lower realised oil and gas price.

The company’s revenue stood at US$1.08bn as against US$1.36bn in the same quarter of the previous year. Woodside’s average sales price for its products during Q1 was $45/barrels of oil equivalent (boe) compared with $56/boe in the year-ago period.

“Of course, most of the quarter was overshadowed by the growing threat of the Covid-19 pandemic, which has required us to take swift and decisive action to protect our workforce, communities and operations,” CEO Peter Coleman said.

Last month, Woodside deferred targeted final investment decisions (FID) on key projects and slashed approximately 50% in forecast 2020 total expenditure in response to uncertain market conditions created by low oil prices and Covid-19 outbreak. The company's revised investment expenditure guidance for 2020 is US$1.7-1.9bn.

The company has, however, kept its production guidance for 2020 unchanged at 97-103mn boe. Its Q1 output was 12% higher than the corresponding three months of last year at 24.2mn boe.