Australia’s largest independent oil and gas company, Woodside Petroleum, has posted a 99% fall in profits for 2015.

Woodside Petroleum put the dramatic decline in profits down to the global fall in oil prices. In 2015, Brent crude prices fell more than 45%.

The company’s net income came to $26 million from $2.41 billion a year earlier.

However, Woodside CEO Peter Coleman said it would be able to withstand the current oil price landscape.

“Woodside, with its low cost of production, is well positioned to withstand this commodity cycle,” he said.

“A strong performance from our operating assets, disciplined financial management and productivity gains reflect our ongoing commitment to delivering value for our shareholders.”

Peter Coleman added that Woodside had maintained strong levels of liquidity and low levels of committed capital expenditure.

Woodside’s Sydney-listed shares finished the day down 7% on the profit report. Over the last 12 months, the company’s shares have shed close to 22%.

The company has a long history of liquefied natural gas (LNG) operations and concentrates much of its domestic production in Western Australia.

Its exploration operations span the Asia Pacific region, Sub-Saharan Africa, the Atlantic margins and Latin America.

Woodside has a Singapore office that supports its trade and shipping activities as well as interests in Canada and Timor-Leste.