Oil Search’s production ramps up in Sep quarter

Company News

by David Chau

Oil Search’s (ASX:OSH) total revenue rose by 16% to $309.5 million in the September quarter, compared to the second quarter revenue figure.

The company also says its total production increased by 6% to 7.65 million barrels of oil equivalent over the last quarter.

Oil Search’s average oil and condensate price was US$47.24 per barrel, which was slightly lower compared to the second quarter.

However, its average realised liquefied natural gas price was 23% higher at US$6.44 per million British thermal units.

The company says its production and operating cost guidance for the full year remains unchanged, learning towards the upper end of the range. However, capital cost guidance is around 12% lower than previously indicated.

Oil Search posted a net profit of $34.4 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.