Sluggish production and falling fossil fuel prices have slashed revenues at Australia's largest oil and gas producer Woodside by almost a third.
The Perth-based company's revenue for the first quarter fell 31 per cent compared to the previous year to $US2.97 billion ($A4.66 million), it announced on Friday.
Over the same period, production dropped by four per cent while gas and oil prices slumped by a quarter.
Despite the lacklustre result, chief executive Meg O'Neill said significant progress had been made on Woodside's three major growth projects - Sangomar in Senegal, Scarborough in WA and Trion in the Gulf of Mexico.
Woodside CEO Meg O'Neill has played down the company's heavy loss in revenue. (Bianca De Marchi/AAP PHOTOS)
Full year production and capital expenditure guidance remained unchanged.
Woodside's board is set to face a feisty reception from shareholders at its annual general meeting next week.
The company's share price has fallen by a quarter in the past eight months while critics have attacked its climate credibility.
Proxy advisers, including the Australasian Centre for Corporate Responsibility, recommended shareholders to vote against chairman Richard Goyder and Woodside's Climate Transaction Action Plan at the meeting.
In a plea to shareholders earlier in April, Mr Goyder said the board was simply "being honest" about the realities of the energy transition.
Despite the fall in revenue, Woodside shares had climbed one per cent to $29.75 shortly after midday on Friday.