Oil Search Quarterly Revenue, Output Slips

Date : 07/16/2019 @ 1:44AM
Source : Dow Jones News
Stock : Oil Search Limited (OSH)
Quote : 7.24  0.09 (1.26%) @ 5:10AM
Oil Search share price Chart

Oil Search Quarterly Revenue, Output Slips

Oil Search (ASX:OSH)
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6 Months : From May 2019 to Nov 2019

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By Robb M. Stewart

MELBOURNE, Australia--Oil Search Ltd. (OSH.AU) recorded a 4.8% drop in second-quarter sales revenue thanks to a slip in production with scheduled plant maintenance in late May and early June.

Revenue declined to US$378.69 million in the three months from US$398.1 million the quarter before, Oil Search said Tuesday.

The company, based in the Papua New Guinea capital of Port Moresby and listed in Australia, said its production in the first quarter was down 5.1% on the prior quarter at 6.9 million barrels of oil equivalent.

Oil Search said the flagship PNG LNG gas-export project produced at average annualized rate of 8.4 million tons during the second quarter. It said the company's oil and liquids output was impacted by compression system and other outages at two processing facilities that combined with issues reinstating production from a remote field after last year's earthquake in Papua New Guinea.

 

Write to Robb M. Stewart at robb.stewart@wsj.com

 

(END) Dow Jones Newswires

July 15, 2019 21:29 ET (01:29 GMT)

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