News: OSH Oil Search Posts Qtrly Revenue Of US$359.4 Mln

April 21 (Reuters) - Oil Search Ltd (OSH) :

• QTRLY TOTAL PRODUCTION 7.37 MMBOE VERSUS 7.25 MMBOE REPORTED LAST YEAR
• QTRLY REVENUE US$ 359.4 MILLION VERSUS US$398.1 MILLION REPORTED LAST YEAR
• QTRLY TOTAL SALES 6.87 MMBOE VERSUS 6.65 MMBOE REPORTED LAST YEAR
• WELL PLACED TO WITHSTAND PROLONGED PERIOD OF OIL PRICE WEAKNESS & ADVANCE GROWTH PROJECTS WHEN MARKET CONDITIONS IMPROVE
• AT 31 MARCH 2020, OIL SEARCH HAD LIQUIDITY OF US$1.15 BILLION
• TARGETING A REDUCTION IN PRODUCTION COSTS OF US$1- 2/BOE FOR FY
• TOTAL REVENUE IMPACTED BY A 13% FALL IN SALES, DUE TO TIMING OF SHIPMENTS, AND 20% LOWER OIL PRICES
• "THE FIRST QUARTER OF 2020 HAS BEEN ONE OF MOST VOLATILE PERIODS IN HISTORY FOR OIL SEARCH"
• SUBJECT TO ANY COVID-19 RELATED IMPACT, PRODUCTION GUIDANCE FOR 2020 UNCHANGED AT 27.5 - 29.5 MMBOE
• 2020 FULL YEAR INVESTMENT EXPENDITURE REDUCED BY ABOUT 40%
• EXXONMOBIL, OPERATOR OF PNG LNG PROJECT, ALSO ADVISED IT IS PLANNING TO REDUCE COSTS IN RESPONSE TO MARKET CONDITIONS
• DUE TO IMPACT OF COVID-19, MARKETING ACTIVITIES FOR EQUITY LNG VOLUMES UNDER PAPUA LNG EXPANSION PROJECT SCALED BACK
• TECHNICAL DISCUSSIONS RELATING TO PRL 15 (PAPUA LNG) COMPONENT OF LNG EXPANSION PROJECT CONTINUED THROUGH QUARTER
• PLANS TO LIMIT EXPLORATION ACTIVITIES IN PNG TO CURRENT COMMITMENTS UNTIL MARKET CONDITIONS IMPROVE
• REMAINING TECHNICAL PRE-FEED ENGINEERING WORK ON PAPUA LNG CURTAILED, FEED CONTRACT TALKS ON HOLD PENDING P'NYANG GAS DEAL CLOSE

Source: https://bit.ly/3bvtsYs

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