Woodside attributed sales revenue for the quarter dropping 20.1% to lower oil and condensate sales volumes and lower oil prices, partially offset by higher LNG sales volumes.
The average Brent price for the quarter was $US55.13/barrel, 28.5% below the $77.07/bbl average price in the previous quarter.
Its sales revenue was down 15.9% from $1.675 billion in Q1 2014 to $1.408 billion for Q1 2015, with production down 5.2% over that period, from 23 million barrels of oil equivalent to 21.8MMboe.
Woodside also reported production volumes were 5.2% lower, which it said was predominantly due to cyclone activity and the Pluto six-day precautionary shut-in.
Higher LNG volumes associated with the timing of shipments boosted sales volumes 3%, and the company's sales revenue for the quarter was 15.9% lower, mainly due to lower oil prices - but this was partially offset by higher sales volumes.
The front-end engineering and design entry readiness check, a key milestone in preparing for a FEED entry decision, was completed during the quarter, as was the State Environmental Referral process and submission of the preliminary field development plan.
"Woodside is progressing the Browse FLNG Development assurance checks and is well placed to complete these strategic activities in the next quarter," Woodside said.
"FEED phase entry is anticipated in mid-2015 and a final investment decision targeted in 2016."
Low oil prices prompted Woodside last December to delay an investment decision until mid-2016 on whether to proceed with development of the Browse floating LNG project, with CEO Peter Coleman saying the major would look to use the 40% slide in oil prices (until that point) to lower construction costs.
Woodside's capital expenditure rose to $195.2 million for year-to-date 2015, compared to $115.3 million at the corresponding period last year.
Further north, Woodside said it was vital for both the Australian and Timor Leste governments to agree on the legal, regulatory and fiscal regime applicable to the Sunrise resource so it could be developed.
"Woodside continues to engage with the Timor-Leste and Australian governments to encourage alignment," the major said, adding that it remains committed" to the development of Greater Sunrise.
Post-Woodside's Apache assets purchase, the Aussie major declared a 2015 production target range of 86-94 million barrels of oil equivalent, including the Balnaves oil and Canadian pipeline natural gas production for the rest of this year, with the previous guidance slightly up from the 87-95MMboe range.
The acquisition of Apache's assets boosted Woodside's reserves and resources, with 1P developed and undeveloped reserves increasing by 191.8MMboe (18.3%) to 1.24Bboe; 2P developed and undeveloped reserves up by 260.9MMboe (19.5%) to 1.599Bboe; and 2C resources have risen by 2.632Bboe (151%) to 4.374Bboe.
