Oil Search's revenue jumps 38% in Q2
Sydney-listed Oil Search on July 27 reported a 37.5% year/year jump in sale revenue during the three months to June 30 (Q2) owing to higher realised product prices.
The company’s revenue for the quarter came in at US$366.2mn versus US$266.2mn in the same period of the previous year. The average oil and condensate price realised during the quarter was US$71.55/barrel, up from US$23.05/b in the same period last year. The average price realised for LNG and gas was US$8.61/mn Btu versus US$7.34/mn Btu in the same quarter of last year.
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Oil Search’s production during Q2 declined 9.6% yr/yr to 6.59mn barrels of oil equivalent. Total sales were 6.70mn boe, down from 6.79mn boe in the previous year, Oil Search said. The company expects annual total production to be in the range of 25.5mn boe - 28.5mn boe and total investment expenditure of US$250mn - US$350mn.