Woodside Sales Drop 6% After Shutdown at Pluto LNG Project

Woodside Petroleum Ltd. (WPL), Australia’s second-biggest oil producer, said second-quarter sales declined 6 percent after an unplanned shutdown at its Pluto liquefied natural gas project.

Revenue fell to $1.35 billion from $1.43 billion a year earlier, the Perth-based company said today in a statement. That compares with a median estimate of $1.38 billion from three analysts surveyed by Bloomberg.

Production was 20 million barrels of oil equivalent, compared with 20.1 million barrels a year earlier. The median estimate from three analysts was 21.2 million barrels.

Woodside earlier this month cut its full-year production forecast after the shutdown caused a temporary interruption at the A$15 billion ($13.9 billion) Pluto project in Western Australia. Output for 2013 is expected at 85 million barrels of oil equivalent to 89 million barrels, down from a previous forecast of 88 million barrels to 94 million barrels.

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