Oil Search says both its second-quarter production and revenue have dipped by 5.0 per cent as expected, but analysts were reportedly looking for a more substantial first-half recovery after last year’s earthquake in Papua New Guinea.
The company said total production for the April-June period came in at 6.9 million barrels of oil equivalent, down from 7.2 mmboe a year ago on account of scheduled maintenance activity, with first half production 38 per cent higher at 14.1 mmboe.
This reflects the damage caused during the prior corresponding period when a devastating earthquake halted operations.
Meanwhile, Oil Search revenue for the second quarter was $US378.9 million ($A538.1 million), down from $US398.1 million a year ago.
First half 2019 revenue was 39 per cent higher at $US777 million ($A1.1 billion).
The company’s ASX-listed shares fell 1.43 per cent to $7.235 by 1052 AEST, with Reuters reporting the first-half update had missed Refinitiv Eikon estimates.