Oil Search total revenue for 2Q down 11%

Company News

by Anna Napoli

Oil Search (ASX:OSH) has announced total revenue for the second quarter declined by 11 per cent on the first quarter to $263 million.

Total sales were 9 per cent lower than the first quarter due to the rebuilding of inventory and timing of LNG shipments.

The oil and gas company’s production lifted 12 per cent on the first quarter of 2018 reflecting the recommencement of production following the February PNG highlands earthquake.

Oil Search has not changed its full year production target, with production in PNG ramped up in recent months.

Shares in Oil Search (ASX:OSH) are trading 1.99 per cent lower after the release of the report.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.