Woodside Petroleum's revenue has been smashed by 36% as LNG prices fall

Joe Raedle/Getty Images

Woodside Petroleum’s revenue for the three months to the end of June has taken a 36.2% hit as LNG volumes and prices fall.

The energy producer reported sales revenue falling to $898 million from $1.408 billion. Revenue for the same quarter in 2014 was $1.679 billion.

The company is cutting jobs — another 300 this year — and slashing costs in response to falling oil prices.

LNG revenue is mostly indexed to a four-month lagged Japanese price, which averaged $US64 a barrel for the quarter, 35% below the $US99 of the previous three months.

Production volumes decreased 7.8% mainly due to lower LNG output at Pluto associated with a planned turnaround and lower LNG volumes at the North West Shelf associated with an unplanned outage.

Woodside shares are down more than 1% to $34.59in a falling sector. Energy and mining stocks are taking a hit in early trade on the ASX.

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