Oil Search Quarterly Revenue, Output Slips
July 15 2019 - 9:44PM
Dow Jones News
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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