Australia's Woodside Reports 8% Drop in Q2 Revenue

Australia’s Woodside Petroleum on Thursday reported an 8.1 percent drop in second-quarter revenue as energy prices continue to remain subdued.

The company clocked revenue of $825 million compared with $898 million in the corresponding period last year. Production increased 10.4 percent to 22.2 million barrels of oil equivalent, Woodside said in a statement.

Production was higher primarily due to the impact of the turnaround at Pluto in Q2 2015, the company stated.

Recent quarters have been tough for Australia’s second biggest energy firm. The year 2015 saw company reporting one of the worst full-year results in more than a decade. However, things look to be improving. Last month, Woodside and its joint venture partner Mitsui approved development of Greater Enfield project. The move is the first major development activity announced by Woodside after it shelved the Browse FLNG project in March this year due to low energy prices. It also indicated initial signs of revival in oil and gas exploration space.