The Newswire

Your daily serving of financial goodness

Oil Search Reports Drop in Quarterly Production and Revenue

Oil Search Reports Drop in Quarterly Production and Revenue
Apr 21, 2015 By Simon Herrmann

Oil Search (ASX:OSH) announced today that although sales were up in the March quarter, both production and revenue fell compared to 4Q2014. Total production fell 5 per cent to 6.91 million barrels of oil equivalent (mmboe) compared to the previous quarter. Total revenue fell 16 per cent to US$472.3m, compared to the US$562.1m from 4Q2014. The company has reaffirmed its guidance and expects to deliver 2015 production within 26 to 28 mmboe. The company cited the global downturn in oil prices as the cause for lower liquefied natural gas (LNG), oil and condensate sales revenue. The average realised LNG and gas price was down 14 per cent compared to the previous quarter. The averaged realised oil and condensate price fell 30 per cent from the previous quarter.


In February, a joint venture submitted a petroleum development license application for the P’nyang field to the Papua New Guinea (PNG) government. The venture consists of Exxon Mobile, Oil Search, Santos and PNG and Japanese investors. The PNG project is expected to increase Oil Search’s LNG sales, the report said. At the end of March 2015, the company had US$1067.2m in cash and US$4,331.7m in debt. All of the debt is comprised of PNG LNG project finance debt facility after paying off US$150m taken from its bilateral revolving credit facilities. The company had a total liquidity of US$1,817.2m, which includes US$750m of undrawn corporate credit facilities. Shares of OSH were down 2c, or .25 per cent, at $8.09 per share on Tuesday. OSH has fallen 6.48 per cent in the last 12 months but is up 2.41 per cent so far this year.

Share this article

Simon Herrmann Author: Simon Herrmann Apr 21, 2015

Simon is a financial analyst at independent research firm Wise-owl who wants to change the world by disrupting the cliché approach to investment decision making with convergent thinking. Wise-owl’s goal is plain and simple: Find the best opportunities for our members by following a proven methodology and to create long-term value through high-quality advice, innovation, technology and education. We combine industry experience and the agile mentality of a start-up. Wise-owl is the future of stock market investing.

Growing Cases of Cancer Fuel Demand for Diagnostic Technology: Sienna Cancer IPO

The Australian government estimates that over 130,000 new cancer cases will be diagnosed in 2017 and the risk of individuals dying from cancer by their 85th birthday will be one in five.

Author: Simon Herrmann Jun 23, 2017

Errors

Sign Up for Free Trial
Subscribe
Recent Tweets
Recent News