Woodside Q1 results disappoint

Australia

PERTH, April 20, 2017 – Australia’s Woodside Petroleum posted its financial results for the first quarter of the year on Thursday, revealing a 10% drop in hydrocarbons output.

During the first three months of 2017, the company produced 21.4 million boe, the equivalent of 237,778 boepd. Despite the drop in output, the company’s production guidance for the year remains between 84 million and 90 million boe.

First-quarter revenue came out at USD 895 million, USD 87 million less than during the same period in 2016 and far below analysts’ expectations. Royal Bank of Canada had projected quarterly revenue to come out at USD 996 million.