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Oil Search Q2 Revenue Falls About 30%

July 20, 2020

© bankrx / Adobe Stock
© bankrx / Adobe Stock

Australia-listed Oil Search Ltd on Tuesday reported a near 30% drop in second-quarter revenue, hurt by a sharp decline in oil and gas prices as demand plunged due to the coronavirus pandemic.

The Papua New Guinea-focused oil and gas explorer recorded a revenue of $266.2 million for the three months ended June, down from $378.9 million a year earlier.

UBS analysts had forecast revenue of $267 million.

(Reporting by Shruti Sonal and A K Pranav; Editing by Himani Sarkar)



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