Oz Oil Search Sees Weaker Q3 Revenues
Sydney-listed Oil Search saw a 47.7% yr/yr drop in sales revenues in the three months to September 30 (Q3) as a result of lower average realised oil, gas and LNG prices, it said on October 20.
Oil Search’s Q3 revenue came in at $189mn, compared with $361.1mn in in the same quarter of the last year. LNG and gas revenues were $133.2mn, down from $293.1mn in the year-ago period, while oil and condensate revenues totalled $50.2mn, versus $58mn a year earlier.
Average realised LNG and gas prices dropped 55% yr/yr while average oil and condensate prices were down 38.6%, Oil Search said. Total production during Q3 was up 7% yr/yr at 7.3mn barrels of oil equivalent (79,300 boe/day), boosted by higher output at the PNG LNG project.