Oil price slump hits Oil Search first-half

Oil Search has suffered an 89 per cent slide in first-half profit after the PNG-focused producer was hit by low oil prices.

1 min read

Published 23 August 2016 10:48am

Source: AAP

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PNG-focused oil producer Oil Search's first-half profit has slumped 89 per cent plunge to $US25.6 million ($A33.5 million) after falling global oil prices hit revenue despite a lift in sales.

Its revenue for the six months to June 30 was $US580.8, down 33 per cent on the previous first half.

The company has declared an interim dividend of one US cent per share, down from six US cents in the previous corresponding period.

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