Australian oil and gas explorer Woodside has recorded a 34.7% year/year drop in revenue during the three months to December 31 (Q4) on the back of weaker oil and gas prices, it said on January 21.  

The company generated US$920mn in sales revenues during the period, versus $1.41bn a year earlier. For the quarter, the average realised price for its products was $32/barrel of oil equivalent (boe), down from $48/boe in the year-earlier period. 

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Woodside produced 24.9mn boe in Q4, down from 25.7mn boe from a year earlier, while sales volumes totalled 29.1mn boe, slightly down from 29.3mn boe.

The company’s 2020 full year production was 100.3mn boe, up from up 89.55mn boe. Its sales revenue for the year was US$3.46bn, down from US$4.82bn. In 2021, Woodside expects production to be in the range of 90-95mn boe. Its investment expenditure is projected to be US$2.90-3.20bn.