🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

UPDATE 1-Oil Search flags stronger 2019 production; Q4 revenue jumps

Published 22/01/2019, 09:48 am
UPDATE 1-Oil Search flags stronger 2019 production; Q4 revenue jumps
TTEF
-
OSH
-
XOM
-
NG
-

(Adds outlook, details of pricing and sales)

Jan 22 (Reuters) - Australian oil and gas explorer Oil Search OSH.AX on Tuesday said it expected much stronger production in 2019, and clocked a 29 percent jump in its fourth-quarter revenue.

The Papua New Guinea-focused company said it expects total production of 28.0 million to 31.5 million barrels of oil equivalent (MMBOE) in fiscal 2019, compared with its 2018 guidance range of 25 to 26 mmboe.

Total revenue for the quarter to Dec. 31 rose to $503.1 million from $389 million in the same quarter a year earlier, the company said, while production for the quarter fell to 7.44 mmboe from 7.59 mmboe. Revenue growth was driven primarily by stronger sales and realized prices.

Annual production came in at 25.21 mmboe.

The company said the average realized oil and condensate price was $64.45 per barrel over the quarter, compared with $63.05 a year earlier, while the average realized gas and liquefied natural gas (LNG) price rose to $10.96 per million BTU from $7.86 per million BTU.

Global oil prices plunged nearly 35 percent in the December quarter, their worst quarterly drop in four years, amid concerns over a slowdown in global growth and demand for the fuel.

In November, the Papua New Guinea government agreed to finalize terms in 2019 for an expansion led by France's Total SA and TOTF.PA and Exxon Mobil Corp (NYSE:XOM) XOM.N of the PNG LNG project that Oil Search has a stake in.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.