Oil Search 3Q Revenue Up 13% On-Year; Says PNG LNG On Track
October 24 2011 - 7:38PM
Dow Jones News
Oil Search Ltd. (OSH.AU) on Tuesday reported a 13% rise in third
quarter revenue as higher energy prices offset lower production and
said its US$15 billion Papua New Guinea gas export joint venture
with Exxon Mobil Corp. (XOM) is on track to ship its first cargo in
2014.
Revenue for the three months to Sept.30 of US$160.2 million
compared to US$142.2 million in the previous corresponding period
but was lower than US$217.8 million reported in this year's second
quarter.
Oil and gas production fell 19% on-year to 1.49 million barrels
of oil equivalent from 1.85 million BOE.
The Australian company said output for the full year is expected
to come in at the top end of its previous 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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