Woodside sales fall amid LNG slump

Woodside CEO Peter Coleman.

Woodside CEO Peter Coleman.

Woodside has seen its sales drop by 30.3 per cent in the first quarter of 2016, despite an increase in production.

Sales in the first quarter of 2016 fell to US$982 million from US$1.4 billion in corresponding quarter in 2015 despite an increase in production of 8.7 per cent to 23.7 MMboe.

Woodside CEO Peter Coleman said despite the figures the company is progressing well with its low-cost, high-value growth strategy.

“We are taking advantage of market conditions and applying latest technology to reduce life cycle costs further enhancing our position as a low cost operator,” said Mr Coleman.

“This will improve project concepts to deliver a portfolio of globally competitive decision-ready projects.”

Woodside has also retained its credit ratings of Baa1 and BBB+ from Moody’s and Standard & Poor’s respectively.

The company also revealed that participants in the North West Shelf Project entered FEED with the Equus project participants to process third party gas resources.

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