Oil Search (ASX:OSH)
Historical Stock Chart
6 Months : From May 2019 to Nov 2019
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 email@example.com
(END) Dow Jones Newswires
July 15, 2019 21:29 ET (01:29 GMT)
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