Oil Search (ASX:OSH) see an increase in production, a fall in revenue

Company News

by Rachael Jones

Oil Search (ASX:OSH) saw production increase 5 per cent, for the quarter period ending 31 March.

This was supported by a continued strong performance from PNG LNG, which produced at an annualised rate of 8.7 MTPA, and a 43 per cent increase in operated production.

Total revenue was impacted by a 13 per cent fall in sales, due to timing of shipments, and 20 per cent lower oil prices.

Oil was discovered at Mitquq and Stirrup in Alaska, with flow rates above expectations.

2020 full year investment expenditure was reduced by approximately 40 per cent.

A US$700 million equity raise announced in early April, materially strengthening the balance sheet.

Shares in Oil Search (ASX:OSH) are trading 1.88 per cent lower at $2.61.