Plunging oil and gas prices have almost halved giant Woodside's revenue.
Sales revenue of $US898 million in the three months to June was down 47 per cent from $US1.68 billion a year ago, mainly due to plummeting prices for liquefied natural gas.
The company's production of LNG was also lower than a year ago, due to planned outages at its Pluto plant off the coast of Western Australia.
LNG prices are linked to crude oil prices, which dived sharply in late 2014 due to an oversupply in the market, driven by US shale oil production and the OPEC cartels' refusal to cut supply.
Woodside said the delayed slide in prices received for its LNG was linked to a four month lag in the Japanese crude oil import price, on which the company's contracts are based.
Japanese crude prices dropped 35 per cent during the quarter to $US64 a barrel, the company said.
Woodside produced 20.1 million barrels of oil equivalent during the June quarter, down nearly eight per cent on the March quarter and 14.5 per cent from a year ago.
The company's reduced sales revenue was within market expectations, and Woodside shares dropped 39 cents, or 1.12 per cent, to $34.57.
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