Plus   Neg

Oil Search H1 Revenue, Production Climb, Cuts FY Production View; Stock Dips

Shares of Oil Search Limited (OSH.AX) were losing around 2 percent in Australian trading after the company lowered its production forecast for fiscal 2019, despite reporting higher production in first half. The company also recorded strong revenue growth in the first six months of the year.

For the first half, total revenue climbed 39 percent to $777 million from last year's $557.8 million. Total production was 14.1 million barrels of oil equivalent or mmboe, 38 percent higher than the prior year, which was impacted by the major Highlands earthquake.

Total sales climbed 37 percent to 13.4 mmboe from 9.8 mmboe last year.

In the second quarter, total revenue was $378.9, down 5 percent sequentially. Production also fell 5 percent from the preceding first quarter to 6.9 mmboe.

The company is scheduled to release its first-half results on August 20.

Looking ahead, the company now expects fiscal 2019 production to be 28 to 31 mmboe, compared to previous forecast of 28 to 31.5 mmboe.

In Australia, Oil Search shares were trading at A$7.17, down 2.25 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The University of Phoenix has agreed to pay a record $191 million to settle Federal Trade Commission charges alleging that the university used deceptive advertisements. According to the FTC, the university used deceptive advertisements that falsely touted their relationships and job opportunities... General Motors introduced new versions of its Chevrolet Tahoe and Suburban full-size SUVs that are bigger than previous models, offer more interior space and feature more advanced technology. The new vehicles join the new Silverado and Silverado HD as part of a complete redesign of Chevrolet's full-size truck and SUV lineup within 24 months. They will go on sale in mid-2020 in North America. Apple unveiled a new feature for the Apple Card, enabling cardholders to buy a new iPhone in 24 monthly installments without paying interest. In October, during Apple's earnings call, CEO Tim Cook had announced the tech giant's plans to introduce this feature. The Apple Card, Apple's first credit card, was introduced by the tech giant in March in partnership with Goldman Sachs and Mastercard.
Follow RTT