Oil Search 2Q Revenue Edges Back On Lower Oil Price

Date : 07/23/2012 @ 8:27PM
Source : Dow Jones News
Stock : Exxon Mobil Corp. (XOM)
Quote : 81.11  0.42 (0.52%) @ 4:03PM

Oil Search 2Q Revenue Edges Back On Lower Oil Price

Oil Search (ASX:OSH)
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   By Ross Kelly 
 

SYDNEY--Oil Search Ltd. (OSH.AU) on Tuesday reported a 2.7% fall in second-quarter revenue due to lower oil prices and said it expects to conclude a sell-down process for some exploration acreage in natural gas-rich Papua New Guinea soon.

Revenue for the three months to June 30 fell to US$211.3 million, down from US$217.8 million on year and beating a UBS forecast of US$171.1 million.

Quarterly production edged up to 1.80 million barrels of oil equivalent from 1.77 million BOE and Oil Search stuck to its full year production guidance of 6.2 million-6.7 million BOE.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com

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