Oil Search hits record quarterly production, sees better revenue

Company News

by Jessica Amir

Oil and gas developer, Oil Search (ASX:OSH) has hit record quarterly production of 7.91 million barrels of oil equivalent (mmboe) in the September quarter, which is also 9 per cent higher than June quarter.

As a result, the company says it’s on track to achieving the upper limit of its production guidance.

In the three months to September end, its sales also rose 18 per cent up on the prior quarter.

Its revenue gained 15 per cent also over the same period to US$380.8 million

The company’s cash balance also accelerated to US$1.1 billion, while it also progressed the LNG expansion over the quarter.

Shares in Oil Search (ASX:OSH) are trading almost 1 per cent higher to $7.28.

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