Woodside Petroleum, Australia's largest independent oil and gas producer, said fourth-quarter 2016 production dropped 5.5% while sales revenue rose 2% from the third quarter of 2016, the company said.
The company flagged it expects annual production in 2017 to fall between 84 million barrels of oil equivalent (MMboe) and 90 MMboe from 94.9 MMboe last year, in line with two analysts' forecasts for a drop in output to about 87 MMboe.
Fourth-quarter output in 2016 reached 23.8 MMboe compared with 25.2 MMboe in the previous three-month period, Woodside said.
Revenue rose 2% to $1 billion from $988 million in the previous quarter, better than analysts' forecasts.
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