Woodside Petroleum's quarterly sales have dropped 20% on fading oil prices

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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.

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