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Woodside Petroleum's Q3 revenue declines on sagging prices

Australian oil and gas company Woodside Petroleum Ltd. on Oct. 17 reported third-quarter revenue of $1.25 billion, down from the $1.29 billion reported in the third quarter of 2018.

Product sales for the quarter came in at 23.3 million barrels of oil equivalent, compared to the 21.0 million boe seen a year ago. However, an average realized price of $50/boe was reported for the third quarter, down from the $55/boe noted during the same quarter in 2018.

Capital expenditure totaled $317 million for the third quarter, up from the $281 million posted for the corresponding period in the prior year.

Production for the quarter came in at 24.9 million boe, increasing from the 23.1 million boe posted a year ago.