Oct 20 (Reuters) - Australia-listed Oil Search Ltd
posted on Tuesday a 47.7% slump in third-quarter revenue,
missing analysts' estimates, as the coronavirus outbreak kept
crude prices subdued and hurt prices of its key liquefied
natural gas (LNG) product.
The company, however, said it was seeing a return in
appetite for oil products, with oil prices recovering from lows
hit in the second-quarter which is expected to increase LNG
contract prices going forward.
For the three months ended Sept. 30, average sales prices
Oil Search received for its liquefied natural gas were 55% lower
than the same period last year.
Plunging commodity prices have whacked Oil Search's
first-half profit and driven its share price lower by nearly 60%
this year. To tackle this, it has been trying to keep a tight
leash on costs through various measures, including layoffs.
Posting its third straight quarterly drop, the Papua New
Guinea-focused oil and gas explorer said third-quarter revenue
came in at $189 million, down from $361.1 million a year earlier
and much lower than brokerage RBC's estimate of $261 million.
Helped by higher output at the PNG LNG project, production
in the quarter rose about 7% to 7.30 million barrels of oil
The company added that it will lay out long-term plans for
the business as a result of a "wide-ranging" strategic review on
(Reporting by Anushka Trivedi & Nikhil Subba in Bengaluru;
Editing by Chris Reese and Muralikumar Anantharaman)