Woodside Petroleum’s March quarter sales dropped 20.1% to $US1,408 billion, following global prices down.
The result was on weaker production, down 6.8% on the previous quarter to 21.8 million barrels of oil equivalent. The lower production was mainly due to increased cyclone activity.
Woodside is cutting jobs — another 300 this year — and slashing costs in response to falling oil prices.
In February the oil and gas company posted a full year net profit of $US2.414 billion, up 38%, the second highest in the company’s history.
Spending for 2015 has been cut by about 15% and investment is down by about 20%.
Global oil prices have fallen 50% since June last year.
Woodside shares are up almost 1% today to $35.60 on a general rally in resources stocks.