Oil Search posts 6 per cent jump in Quarter 4 revenue

Company News

by Anna Napoli

Oil and gas explorer Oil Search (ASX:OSH) says its fourth-quarter revenue jumped 6 per cent to US$503 million as a rise in sales helped to offset weaker oil prices.

 Total production in the fourth quarter of 2018 fell 1 per cent compared to the previous quarter to 7.4 million Barrels of Oil.

The result took full year production to 25 million barrels of oil which is in line with the company's 2018 guidance range.

Oil Search MD Peter Botten says despite the first half of 2018 being one of the most challenging in Oil Search's history due to the devastating PNG earthquake in February, the company has recovered well with annual sales revenue of US $1.54 billion a 6 per cent rise on 2017.

Shares in Oil Search, (ASX:OSH) are trading 0.13 per cent higher at $7.81.

 

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.