Woodside Petroleum has maintained its full year production target and increased its first quarter revenue despite a production dip due to the impact of cyclones.

The company on Thursday booked revenue just shy of $US1.2 billion ($A1.16 billion) for the three months to March 31, up 20 per cent compared to the same period in 2011 but down three per cent on the December quarter.

Woodside attributed the revenue growth to higher prices for its products and the timing of cargoes.

“This revenue was achieved despite lower than anticipated production, which was adversely impacted by cyclones,” chief executive Peter Coleman said in a statement.

Its Vincent, Enfield, Stybarrow and North West Shelf operations were hit by three cyclones – Heidi, Iggy and Lua – during the period.

March quarter production of 14.1 million barrels of oil equivalent (mmboe) was down 10 per cent on the same period last year and down 15 per cent compared to the December quarter.

Mr Coleman said the company remained on track to deliver our full year production target of 73 to 81 mmboe.

Woodside recently commissioned its $15 billion Pluto liquefied natural gas (LNG) project in Western Australia’s Pilbara region, which is expected to contribute 17 to 21 mmboe to the company’s full year production.

First production of condensate, which is stripped out before LNG is produced, occurred in late March and 1,236 barrels had been produced by the end of the month.

Woodside shares closed up 49 cents, or 1.42 per cent, at $35.04.