Australia’s energy company Woodside Petroleum saw its sales revenue fall 44.6 percent in the third quarter of 2015, due to low oil and gas prices.
Sales revenue fell to $1.09 billion, versus $1.96 billion a year ago. Sales volumes decreased 1.6 percent.
The company’s production rose 0.4 percent to 25.3 mmboe, mainly due to oil production from the Balnaves offshore oil field in Australia, which kicked off production for Woodside effective from April 2015.
According to Woodside, this was partially offset by lower LNG and associated condensate production at NWS due to a planned LNG Train 5 maintenance turnaround which was completed ahead of schedule during the quarter.
Woodside revized its production target range for 2015 to 88 to 93 MMboe (previously 86 to 94 MMboe).