logo
Plus   Neg
Share
Email

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
While reporting financial results for the third quarter on Thursday, branded food company Hormel Foods Corp. (HRL) reaffirms its earnings guidance for the full-year 2019, while trimming annual net sales outlook as its navigates near-term uncertainty related to African swine fever. For fiscal 2019,... The U.S. Food and Drug Administration has issued a warning letter to Ningbo Huize Commodity Co., an over-the-counter drug manufacturer, for significant current good manufacturing practice violations, including data integrity issues. The warning letter issued to Ningbo Huize details a failure to have... Crate and Barrel have recalled 1,500 push walkers due to risk of choking and laceration. Crate and Barrel have recalled Activity Push Walkers as those walkers can be damaged over time exposing sharp points and small parts, posing choking and laceration hazards to small children. The wooden recalled...
Follow RTT